Today is a historic day for the first ever developed cryptocurrency. Bitcoin has now officially surpassed gold's all time high of around $1900 US which was set in 2011. With all eyes on bitcoin, what does this say for gold?
Bitcoin has been declared dead several times and keeps bouncing back to life. I suggest that it never has died or come close to it. Unfortunately, bitcoin is showing some of its limitations as unconfirmed transactions are rising almost as rapidly as its price.
If bitcoin is able to breach the $2000 mark, I am expecting a substantial pull back. Will bitcoin die? Probably not. One thing is for certain. The world has determined a new global asset class and a safe haven that was once held by gold for thousands of years, and it was achieved via liberty and free markets.
Times they are a changin!
