Is Bitcoin Gold 2.0 or Tulip 2.0 – the race is on!
Is Bitcoin Gold 2.0 or Tulip 2.0 – the race is on! explained by professional Forex trading experts the “Is Bitcoin Gold 2.0 or Tulip 2.0 – the race is on!” FX trading team.
Is Bitcoin Gold 2.0 or Tulip 2.0 – the race is on!
The currency dubbed ‘gold 2.0’ briefly traded above the price of its long term store of value competitor
Yes, it has finally happened – gold has been dethroned as a store of value and an inflation hedge! Oh well, maybe it’s too soon to predict the doom of an age old currency such as physical gold is. While being a big headline it will take much more than a couple of months for the digital bonanza to overshadow the good old shine of Klondike.
Thanksgiving holidays were a very good reason for Bitcoin aficionados to keep on wildly speculating with the price of their precious computer code especially since most of them traded out of China. According to Mt Gox data at one point prices did hit $1242, while an ounce of gold was shaking hands with the dollar at $1241.4
Substantial volumes out of China kept underpinning the recent bull run and ended the best month in the crypto-currency’s history with quite an achievement. It is a fact – on November the 28th the value of a single Bitcoin matched the price of an ounce of gold at the time. Libertarians are divided, digital miners are waiting for their new hardware, speculators are cheering and the Chinese just keep buying.
So let’s start with Chinese appetite – apparently the huge willingness of investors out of China to just buy at any price is coming from the fact that it offers them a real alternative to buying yet another property on the inflated local housing market. A safe and sound way to transfer money offshore – what can be more tempting to a society that has been accustomed to strict capital controls?
The PBOC deputy governor Yi Gang said that outlawing the digital currency is not on the table and buying and selling by individuals is their own right, as it is a “virtual” asset. Then again which asset is not virtual nowadays – our emails, our Dropbox accounts that store our data or the very text you are reading?
Is Bitcoin Gold 2.0 or Tulip 2.0 – the race is on! Conclusion
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