🚨 Gold is winning the trade Bitcoin was designed for.
Bitcoin has fallen 46% over the past year to around $63,000, while gold has gained 32% to about $4,376.
The pressure on Bitcoin is coming as global bond yields hit their highest levels since July 2008, before Bitcoin even existed.
The US 30 year Treasury auction on August 13 drew a 5.216% yield, the highest since 2001, with below average investor demand.
As real yields rise, investors are moving toward government debt and gold, putting pressure on Bitcoin’s “fiscal doubt” trade.
$MSTR $BTC
Bitcoin has fallen 46% over the past year to around $63,000, while gold has gained 32% to about $4,376.
The pressure on Bitcoin is coming as global bond yields hit their highest levels since July 2008, before Bitcoin even existed.
The US 30 year Treasury auction on August 13 drew a 5.216% yield, the highest since 2001, with below average investor demand.
As real yields rise, investors are moving toward government debt and gold, putting pressure on Bitcoin’s “fiscal doubt” trade.
$MSTR $BTC