Gold, Not Bitcoin, is Making Most Out of Ongoing Economic Crisis

On Wednesday, US-based Grayscale Bitcoin Trust released an advertisement wherein a white-collar miner cheerfully extracts a gold rock from a cave and takes it down to his bosses on Wall Street to make a few bucks. Nevertheless, he is told that the company is investing in bitcoin instead. The poor bloke – and his shiny gold rock – is shown the door before the advertisement concludes.

In the real world, however, the narrative is very different.

Bitcoin, a supposed digital alternative to Gold, has plunged by up to 47.39 percent from its year-to-date high. The drop came after the cryptocurrency’s stunning climb from December 2018’s low of $3,120 to June’s top of $13,868. That still makes it a better performing asset than gold, which, on a year-to-date basis, is now up by 17.52 percent. Nevertheless, bitcoin’s massive drop in the last and currency quarter is alarming because it is taking place against a string of so-called favorable macroeconomic narratives.

An Unconcerned…