“So far this year, gold (GLD) has fallen 23% relative to the U.S. dollar (UUP), while bitcoin has risen 4,600%. This is quite the precipitous contrast. Perhaps this is just coincidental. Gold, after all, has always been volatile and subject to multiyear cycles relating to many factors including demand, inflation, the economic cycle and investor perceptions of global political stability. And maybe bitcoin is just a speculative bubble marked by illiquid parabolic lunacy. As more fast money piles in, the higher it goes, with the price flying above $600 Monday. Though some might argue, of course, that this is what things look like when the world moves away from old physical money to new electronic money.”
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