This last year of Bitcoin's rises have been a bit different from previous bull runs. It seems that the financial markets have definitely taken Bitcoin as a substitute for gold rather than a substitute for the dollar. So we can say that Bitcoin is the new digital gold.
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Yes, I know, it is a statement that was made almost from the beginning of Bitcoin but until now it had not behaved as such but this last year it does seem to be starting to do so. So we can see that its expectations of rise and fall coincide quite well with the expectations of rises and falls in interest rates in the United States. As a more recent example we can see the falls this week linked to the maintenance of rates unchanged. This correlation can also be observed with US treasury bonds.
Is this bad or good? It depends on what we understand as bad or good. If we are observing the price then it is good because for Bitcoin to replace gold as a store of value it still has a very long way to go. However, if we look at it from a monetary point of view, Bitcoin would have lost the possibility of being the global benchmark and we would continue to be centralized.
The most curious thing about the situation is that since Bitcoin is the leading value of the crypto market, it makes other currencies that are not used as a safe haven but as an efficient means of payment rise or fall. And this volatility is affecting them in a very negative way. Let's hope that all these currencies manage to separate themselves from the mainstream if Bitcoin finally replaces gold as a reference.
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