Investors are fleeing the speculative mania of Bitcoin and seeking refuge in the true flights to safety – gold & silver. Here’s an update…
Bad news for the cryptocurrency fans:
After hitting nearly $20,000 on Sunday night, just five days later the price for Bitcoin has been down as much as $9,000 from the highs.
A 10% move down is considered a correction.
A 20% move down is considered a bear market.
There is now way to describe a 45% move down as anything other than a crash.
I have long argued that Bitcoin is not digital gold, gold 2.0, or any of this safe haven, flight to safety, hedge against uncertainty stuff.
That would be gold and silver.
And sure enough:
Investors understand the difference between highly speculative risk gambles and quality, dependable and reliable gold & silver.
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