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Investors pour gold in favor of Bitcoin

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According to analysts in a recent interview on CNBC, investors pour gold in favor of Bitcoin. One of them, Phillip Streible of RJO Futures boldly stated that "Bitcoin has stolen a large share of the gold market."

To explain how they follow this change, Larry McDonald of the Bear Traps Report When bond rates fall, gold rises. However, in recent weeks, bond yields have declined, and gold has declined by two percent at the same time – a rather rare event

Analysts believe that the change is the result Increasing investments in Bitcoin, among other cryptocurrencies. According to McDonald:

"In the last two years, every time the rates went down, and that rates went down this week, gold has gone up. Percentage correlation between l & rdquo; This week, for the first time, this correlation has collapsed, and I think it has something to do with Bitcoin. "

While the In fact, according to McDonald 's, the total market capitalization of all cryptocurrencies as a fraction of tradable liquid gold is already up two to three percent from the previous year. last year, declaring "cryptocurrencies". are definitely eating in the game of gold. "

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