Loading ...Posted by Tom Luongo on Bloomberg:
As Tom Luongo recently noted, the current rally in bitcoin is telling us clearly that there is a new premier store of value asset because of the current state of the world. Maybe that’s really what Schiff is decrying, a world that has passed him by.
What’s becoming clear even to me is that gold will only be valued in relation to bitcoin going forward, not the other way around.
It’s sad but true. In my heart of hearts I wish it were different and not because of the structure of my portfolio or the name of my business.
It’s sad because it proves that we are moving into a different age where technology is depreciating the value of an asset which materially improved the life of billions for millennia towards its commodity extraction value limit.