Bitcoin is on another spectacular bull run and investors are taking notice. I am one of them. I have changed my tune on bitcoin, but not because of many of the arguments put forth by bitcoin bulls. For example, bitcoin bulls have claimed that bitcoin would be used as a currency, that the U. As a result, bitcoin has become a form of digital gold. Well, guess what? So if you want to argue against bitcoin on intrinsic value terms, then you have to argue against gold, too.
Because both the price of gold and the price of bitcoin are based around one thing and one thing alone — belief , the belief that these assets will have value in the future. And right now the collective belief in bitcoin is increasing. Now that bitcoin is here to stay, you might be wondering how it will behave in the future.
Will increased adoption lead to higher prices? I have no idea! What I do know is bitcoin is a speculative asset class. Therefore, we should look at other speculative asset classes as a guide for how bitcoin might behave. And I believe there is no better speculative asset to use for this comparison than the early years of gold as an investment. And in the six years following its reintroduction to the investment community , gold tripled in value in real terms i.
This means bitcoin will continue to have huge run-ups in price followed by violent crashes that may last years and possibly decades in the future. We have already seen this kind of behavior from bitcoin before and I am quite confident we will see it again. The difference between bitcoin and gold is that bitcoin is still gaining adoption among investors.
Will that continue at its current pace into the future? Who knows? This is why some investors are so bullish on bitcoin. However, there are still some reasons to be bearish. The main one is that bitcoin is associated with some of the most speculative investment activity out there. This is most apparent when comparing its price movement to the price movement of another speculative cryptocurrency — dogecoin. As you can see, over the last three years the correlation between dogecoin and bitcoin has been quite high, with the most recent correlation reading around 0.
But if we compare dogecoin to gold, we see that the correlation between their prices tends to center around This is just more evidence that bitcoin is associated with speculative activity and will continue to behave like a speculative asset in the future. Of course, the optimal portfolio is the best solution for the past, not the future. This might seem outlandish but in April the U.
Lastly, I might be wrong on many of the things I have stated today or in the past. Some US locations get the non-carbonated orange drink sooner. Long ago, in the fantasy world of Kumandra, humans and dragons lived together in harmony. But when sinister monsters known as the Druun threatened the land, the dragons sacrificed themselves to save humanity. For 90 tense minutes, members of the Senate relived the horror.
If any senators were tempted to avoid images of the violence at the Capitol, or bury memories of fleeing the violent mob of Donald Trump's supporters, they were not able to do so any longer. Lisa Murkowski of Alaska, recalling how she felt when she evacuated with her colleagues. The searing images once again claimed center stage: a mob storming the U. Capitol, Trump flags held aloft as violent rioters fought with police and targeted lawmakers. Iowa center Luka Garza went scoreless for the first 12 minutes of Wednesday's game against Rutgers.
Celltrion Group today announced that CT-P59, an anti-COVID monoclonal antibody treatment candidate, has confirmed neutralising potency against emerging virus mutations and that the company has initiated development of a neutralising antibody cocktail treatment with CT-P As she presented harrowing footage of the siege, Del. Stacey Plaskett, a Democrat representing the U. New Zealand male lawmakers are no longer required to wear a necktie in parliament after the rule was dropped following a Maori MP's protest, calling a tie a 'colonial noose'.
Speaker Trevor Mallard prevented Rawiri Waititi from asking questions in the debating chamber on Tuesday and eventually ordered him to leave for not wearing a tie. Waititi, 40, was wearing a taonga, a Maori greenstone pendant instead, which he said was a Maori business attire. Gross domestic product shrank 3. The economy contracted 5. Still, she added, the central bank has room to provide further support to the economy if needed. Malaysian stocks fluctuated after the data, with the benchmark index gaining 0.
The market was only open for a half-day Thursday ahead of the Lunar New Year holiday. The ringgit was unchanged at 4. The government said it would gradually reopen the economy even as the country remains under a state of emergency, seeking a balance that will protect lives while ensuring that economic activity continues. The loosened restrictions came into effect after health officials estimated daily virus cases peaked at the end of January.
The nation added 2, new cases Tuesday -- the smallest number since Jan. The tally rose to 3, cases Wednesday. The government last month unveiled a 15 billion ringgit package to help the economy weather the impact from the recent surge in Covid cases. The plan, which includes cash support to the poor, tax breaks and wage subsidies, will be funded through a reallocation of existing funds and not via fresh spending. Fourth-quarter SlowdownSo far, however, is off to a slow start with most of the country under lockdown.
The economy shrank 0. For more articles like this, please visit us at bloomberg. It would also provide hundreds of billions for state and local governments and to boost vaccination efforts, raise tax credits for children and increase unemployment benefits. The Group supports its residential, commercial and industrial customers by providing a tailored and scalable range of products and services in energy management for construction, renovation, production and maintenance.
Rexel operates through a network of more than 1, branches in 25 countries, with more than 24, employees. For more information, visit www. I would like to thank our employees for their support and hard work as together we restructured the company, deleveraged it, and invested heavily in digital transformation.
Rexel is now harvesting the fruits of these efforts. On one side are the so-called core developers. They are in favor of smaller bitcoin blocks, which they say are less vulnerable to hacking. On the other side are the miners, who want to increase the size of blocks to make the network faster and more scalable. Until just before the decision, the solution known as Segwit2x, which would double the size of bitcoin blocks to 2 megabytes, seemed to have universal support.
Then bitcoin cash came along. The solution is a fork of the bitcoin system. The new software has all the history of the old platform; however, bitcoin cash blocks have a capacity 8 megabytes. Bitcoin cash came out of left field, according to Charles Morris, a chief investment officer of NextBlock Global, an investment firm with digital assets. To be sure, only a minority of bitcoin miners and bitcoin exchanges have said they will support the new currency. Investors who have their bitcoin on exchanges or wallets that support the new currency will soon see their holdings double, with one unit in bitcoin cash added for every bitcoin.
But that doesn't mean the value of investors' holdings will double. Because bitcoin cash initially drew its value from bitcoin's market cap, it caused bitcoin's value to drop by an amount proportional to its adoption on launch. No one truly knows. Add to watchlist. Availability subject to regulations. Don't get overcharged when you send money abroad. We recommend trying out cheaper alternatives like TransferWise. Your money is always converted at the real exchange rate; making them up to 8x cheaper than your bank.
Cointelegraph 3h. NewsBTC 4h. Cointelegraph 4h. Cointelegraph 6h. Download Reset. Fiat Currencies. Bitcoin Currency Converter More Quickly and easily calculate foreign exchange rates with this free currency converter:. Add Close. BTC Currency Snapshot 44, What is Bitcoin? Why bother using it? But while fraudulent credit-card purchases are reversible, bitcoin transactions are not. The future of bitcoin Historically, the currency has been extremely volatile.
The fork One of the biggest moments for Bitcoin came in August
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