Decoupling? Bitcoin vs. gold ratio snaps out of 3-year bear market

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Bitcoin may soon "Decouple" from traditional assets, says statistician Willy Woo as a key gold relationship breaks out of a long-term downtrend.

25, Woo forecast that Bitcoin would act like a successful startup in accruing new interest and going its own way.

Woo: Breakdown of Bitcoin macro correlation to hit "Soon".

"Bitcoin will decouple from traditional markets soon, but driven by its internal adoption s-curve rather than changes in perceptions as a hedging instrument by traditional investors," Woo wrote.

As Cointelegraph reported, both Bitcoin network hash rate and difficulty are at record levels, underscoring the competitiveness and long-term appreciation of profitability among miners.

Just as Woo predicted a breakaway from Bitcoin's current dependency on factors such as the U.S. dollar currency index, another chart highlighted that change may already be afoot.

Bitcoin's price ratio versus gold, in a downtrend since the all-time BTC/USD highs in December 2017, broke to the upside when the pair reclaimed $12,000 at the end of July.

MicroStrategy eyes Bitcoin as a "Non-toxic" currency.

Woo's words meanwhile come as arguably this year's biggest Bitcoin adopter, MicroStrategy, likewise denies that its move to purchase $425 million of BTC was a hedge.

"And so now we're starting to realize that currency is being made toxic by the political financial policies of the central banks, you kind of have to run away from that currency to something that's not toxic, and I think that Bitcoin is that non-toxic currency."

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