Hi folks,
I'm new posting here but old investor. I was wondering if there's a direct correlation between bitcoin price and
www.bitcoin.com and Gold price
www.goldprice.com .
If you look at the charts in evident that gold started to drop when bitcoin did or vice versa? Is there any systematic correlation?
Thanks in advance
Short term wise, i don't think so. Even if there was a correlation it is definitely an extremely small one, smal enough to be ignored. Reason being that bitcoin is influenced by factors within its own community, such as forks, network congestion, transaction fees and the demand of bitcoin overall.
Gold is completely different, obviously you would expect gold to go up when fiats are weak and vice versa. Bitcoin hasn't got the sort of status yet to do the same things gold is doing.
But in the long term i suspect gold and bitcoin will all be in an up trend as more and more people realise fiat isn't the solution to our problems.