Posted on 01/26/2019 1:59:38 PM PST by NRx
Bitcoin's hot streak is well and truly dead.
The cryptocurrency has not been able to crack above $4,000 in three weeks just 12 months after trading at more than $12,000.
Signs show that bitcoin investors are moving toward a more traditional commodity, says Jan Van Eck, CEO of Van Eck Associates.
"I do think that Bitcoin pulled a little bit of demand away from gold last year, in 2017," Van Eck told CNBC's "ETF Edge" on Wednesday. "Interestingly, we just polled 4,000 bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to bitcoin and now it's going the other way."
In the 12 months to bitcoin's peak above $20,000 in December 2017, the cryptocurrency increased in value 25 times over. Over that same stretch, gold rallied 4 percent. More than a year since bitcoin's peak, it's down 82 percent, while gold is up 2.5 percent.
It may be difficult for the tide to turn back to bitcoin and away from gold from here, says Tim Seymour, founder and chief investment officer of Seymour Asset Management.
"Not only have we lost all liquidity on the underlying [commodity] but truly outside of the existential blockchain argument, it's been very difficult to argue store of value which is really what we started hearing about," Seymour said on "ETF Edge" on Wednesday. "Gold is a store of value and there's no disputing that."
(Excerpt) Read more at cnbc.com ...
Bitcoin has never been an investment for me; it’s in reality vapor that isn’t even on paper.
It has however been useful in transferring funds to other currencies. That is how I’ve used it several times — as a pass-through.
The tulips have wilted?
APMEX took bitcoin last year so I turned some excess bitcoin into silver. Bitcoin still have demand because the way it allows people to exist fiat in s-hole countries. At that point they keep it for a while rather than switch it all over to a better fiat right away.
Glenn Beck has been touting Bitcoin nonstop. Wonder what he says now.
Glen Beck promoting an investment that is more of a concept and represents no real physical substance... genius. Maybe the government could just start printing money... Oh that is right... they do.
It is not currency. Only governments have the right to issue currency. It is a medium of exchange. Some businesses accept payment in it. Those businesses have to convert the amounts to dollars and report to the government.
There is no FDIC for it. You can lose all your ones and zeroes.
The economic can has finally been kicked to the end of the road. The FED has exhausted every last trick trying to keep it all afloat and the markets have been over-manipulated trying to maintain a healthy appearance.
Trumps goal of taking down the deep state includes those that fund the deep state, the owners of the worlds central banks.
They’re neck deep in various criminal activity, mostly in child trafficking. Huh? The bloodlines that own said central banks are all practicing satanist and use trafficked kids in their SRA’s
Trump has put in laws that allow for the seizure of all assets of those involved and arrests of pedopholes has skyrocketed under Trump.
This is how global central banks are going down, recover the money they’ve stolen over the decades, and return to gold/asset backed currency through a GESARA. Think of it as you will as backrupty. What’s that? A debt restructuring!
Dont forget Trump bought a failing business at a good price and through bankruptcy laws, went bankrupt, restructured, and came out smelling like a rose.
He’s trying to do basically the same thing now, just globally.
So yes! Gold, silver, and all other precious metals is where people should be going to.
“The tulips have wilted?”
and the sardines have spoiled ...
I am really tired of the whole, $20,000 meme.
It never got to $20k. And, at its high it was there for about a second. Then it fell about $1000 in a minute.
People have been trading bitcoin for gold since this whole thing started. Gold goes up $10 and now everyone is running to the doors.
Not too much drama....
You mean you need government insurance to feel safe.
That is a fine conservative position.
Bitcoin has had a 70% crash several times.
This time is no different.
“This time is no different.”
one difference is that it’s lost 82% of its value during the last 13 months ... with that kind of volatility it’s impossible to perform the function of a currency like so many huckster-promoters like to claim ... not even good for investment ... not good for anything but rife speculation ... pretty much just the 21st century version of the nonsense “commodities” Enron was inventing in the 20th century ...
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