Risk: On or Off? Gold & Bitcoin
Bitcoin has been touted as "digital gold" and even as an "inflation hedge."
When you compare BTC to Gold with long-term channels, the Bitcoin chart does look to mirror Gold at approx 15.6:1 timeframes... at least until recently.
Bitcoin's creation coincides with the biggest regime change since the USD was disassociated w/ Gold in the early 1970's, its entire existence has been under a dovish monetary environment that encourages risk-on behavior w/ unfettered government intervention into the markets w/ Quantitative Easing.
This loose policy has kept markets propped up since the housing market bubble burst. Unfortunately, the March 2020 pandemic response with global economies being halted resulted in unfettered stimulus and bloated Central Bank balance sheets resulting in the appearance of rampant, widespread, persistent inflation.
Central Banks are now at a crossroads, continue QE and a dovish policy regime that will exacerbate inflationary price pressures or reverse course.
Course reversal as bond yields increase is achieved by raising rate while central banks reduce $9 Trillion in assets.
This regime results in risk-off behaviors, apparently causing Gold:Bitcoin chart correlation to disassociate.
Given current market response, expect Gold to realize positive PA while Bitcoin is challenged by sell pressure while monetary policies tighten.
When you compare BTC to Gold with long-term channels, the Bitcoin chart does look to mirror Gold at approx 15.6:1 timeframes... at least until recently.
Bitcoin's creation coincides with the biggest regime change since the USD was disassociated w/ Gold in the early 1970's, its entire existence has been under a dovish monetary environment that encourages risk-on behavior w/ unfettered government intervention into the markets w/ Quantitative Easing.
This loose policy has kept markets propped up since the housing market bubble burst. Unfortunately, the March 2020 pandemic response with global economies being halted resulted in unfettered stimulus and bloated Central Bank balance sheets resulting in the appearance of rampant, widespread, persistent inflation.
Central Banks are now at a crossroads, continue QE and a dovish policy regime that will exacerbate inflationary price pressures or reverse course.
Course reversal as bond yields increase is achieved by raising rate while central banks reduce $9 Trillion in assets.
This regime results in risk-off behaviors, apparently causing Gold:Bitcoin chart correlation to disassociate.
Given current market response, expect Gold to realize positive PA while Bitcoin is challenged by sell pressure while monetary policies tighten.
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