Wow - Bitcoin 'is' the New Gold
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Not only did gold immediately react negatively to the better-than-expected jobs report, but Bitcoin as well. Bitcoin plunged on heavy volume immediately after the jobs number hit. It is now creeping back up and so is gold. Despite comments to the contrary, this may suggest that Bitcoin 'is' the new gold.
The thinking would be that bitcoin is a play on inflation and if jobs are better than expected then the Fed would start tapering QE sooner rather than later - a negative for the inflation trade.
Bitcoin Chart
Gold Chart
The thinking would be that bitcoin is a play on inflation and if jobs are better than expected then the Fed would start tapering QE sooner rather than later - a negative for the inflation trade.
Bitcoin Chart
Gold Chart
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