Quote from: MatTheCat on June 24, 2016, 09:59:21 PM

Quote from: w00t on June 24, 2016, 08:34:14 AM

Hi,
I think Brexit confirmed that Bitcoin is de-facto new asset class and is in the same group with Gold - if you look at what Gold is doing (spikes most in 7 years, 27monhts heights) Source: http://www.zerohedge.com/news/2016-06-24/gold-spikes-most-7-years-27-month-highs.

Just in case you didn't notice - Bitcoin added 100 USD to its value in less than 12 hours (from 575 USD at 18:00 UTC to 675 USD 7:00 UTC the next day - Bitstamp).

If you say it's not connected with Brexit I don't buy it.

Opinions?

There is however, one crucial difference between Gold and Bitcoin.

Gold has been stuck in a range between $1200 and $1300 for months. When the Brexit referendum got underway, gold was trading right in the centre of that range. An event (Brexit) then happened that inspired fear in the markets...

...equities tanked
...government bonds tanked
...currencies tanked (against the USD)
...and the USD tanked against Gold.

Being a long term holder of gold, this was very reaffirming to see. If I never knew already, this clearly spelt out, what the market is going to do, when it finally loses confidence in 'the system', which it will do one day.

Bitcoin on the otherhand, was just on the wrong side of an almighty pump. Arguably, 'The Aussie Auction Pump', or maybe this was indeed 'The Halving Pump', or perhaps only the 'apertif' to the Halving Pump. Bitcoin had already ramped massively, and then taken an almighty fall. Now considering the size of the fall, a bounce of around $100 (50% basically), isn't that disproportionate. With that said, no doubt some of the hysteria driving other markets, rubbed off on Bitcoin...but unlike gold, serious capital is not looking at Bitcoin as a 'safe haven' asset. It just isn't. The Chinese government could tell the miners to switch off 2moro, ffs. Whilst Joe Sixpack might delude himself into thinking that Bitcoin is 'Safe Haven', any serious money that moves into Bitcoin, does so, treating it as a high risk, high potential gain capital venture.

I don't disagree I think but maybe have slightly different perspective. Gold market is so much bigger and with more history so will draw in much more capital on shock events like this. Whereas bitcoin is a rising star yet to proove itself. And yet current value shows bitcoin is most definitely a valid asset because it is much higher than zero.

Brexit campaign has seen bitcoin rise in value from 500 up to 700 USD then steep correction when it looked like remain would win, this may or may be only partial connected to brexit in reality but perception is there. However my gut instinct tells me these moves are mostly due to a wider picture in which bitcoin has bottomed from the last bubble and technically became undervalued, and also with halving of supply coming up will soon start a new epic speculative bubble. Events such as brexit will only support the forces already underway