An August Bloomberg Intelligence report on Bitcoin’s growth curve saw it closely matching those of gold, oil and U.S. Treasury (T) bonds.
In its August edition of “CrYptO Outlook” senior commodity strategist Mike McGlone and senior market structure analyst Jamie Coutts, compared Bitcoin markets to those of gold, bonds and oil.
This might have been due to: market recovery of T-bonds as inflation decreases, a plethora of media (and public eye) juxtapositions of bitcoin and gold over the years, and the fact that bitcoin is an energy-backed currency that will closely follow the performance of energy resources like oil, be they going high, low, sideways or around in circles.
Hopefully, as the global economy gears up for a nice cool upswing in Q4, bonds, gold, oil and bitcoin will all swell with proud financial ROI. However, there is reason to presage that Bitcoin will tear ahead in this race to defend its title.
U.S. Treasury bonds are encumbered by the massive debt burden that hangs over their heads, ready to pop any minute. Gold is not adopted by any merchant businesses, consumers largely ascribe it value given its marriage of historic significance with extreme political affiliation.
People largely value gold because they cannot get their hands on it. If they did, it would quickly become worth less.
Oil, despite the good it does building civilization, is a raw material desired by all and poorly held/controlled by anybody. There is a need for something above it that can direct its transmutative fire into more productive processes and not more resource wars.
That thing is Bitcoin, and it has the power to turn the oil of the Earth (enriched with uranium) into renewable energy systems from the sun that serve to enliven all. Unlike the aforementioned trio, Bitcoin is the ultimate meritocracy-gauge.
The question of who/what is really most valuable is answered best in a world with Bitcoin at its centre. So you can expect that its growth curve will beat everything else, as it gets adopted by everybody, today and tomorrow.
