For some wierd and absurd reason, and defying my own logic and reason I continue to follow sheep and look at prices of things in fiat, specifically US$ fiat. It is wierd because I consider myself to be quite enlightened about money so why do I do it? Why always look at US$ charts. Maybe because we all do and also like other humans I have sheep tendincies? I don’t know
Anyway this evening I’ve been looking at bitcoin price in gold instead of US$, heres a chart of bitcoin price in ounces of gold.
You will immediately recognise I’m sure the shape of the chart is very similar. But is it just me or are the trends much cleaner? Is this evidence that gold really truely is the ultimate form of money ? Prices of things in gold, more honest in some way. Anyway that is a thought that occurred to me.
It looks to me like bitcoin is going to rally against gold up to that upper line of the channel so that 0.26 ounces of gold will buy you a bitcoin.
If I equate that to the US$ chart I’m getting $312
Guess we’ll see ..