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Gold, silver shine in debasement trade as bitcoin is left behind
Source: CryptoNewsNet Original Title: Gold, silver shine in debasement trade as bitcoin is left behind Original Link: Bitcoin’s stark rejection at $90,000 on Wednesday was a quick reminder for investors that precious metals like gold and silver are the real winners of the debasement trade, not — at least for the moment — digital gold.
Back in October, JPMorgan analysts said that gold and bitcoin were both benefitting and would continue to benefit from the so-called debasement trade. They projected BTC to follow gold’s lead, putting a $165,000 BTC price target on a volatility-adjusted basis relative to gold.
So far, that thesis hasn’t played out.
While BTC is languishing around $88,000, down 30% from its early October record, gold is trading near record highs around $4,350 an ounce and silver Wednesday hit fresh all-time highs above $66, up 40% since October.