Bitcoin Nears All-Time High as Gold Hits New Records
The debasement trade, focusing on sound money or hard assets like Bitcoin (BTC) and gold, continues to gain traction:
- Bitcoin is trading above $120,000, nearing its all-time high of $124,000.
- Gold has increased nearly 50% year-to-date, reaching record highs close to $3,900.
Exchange-traded funds (ETFs) reflect this enthusiasm:
- BlackRock’s iShares Trust (IBIT) and the SPDR Gold ETF (GLD) are among the top 10 most traded ETFs.
- The GLD saw a volume of $4.88 billion, ranking fourth, while IBIT had $3.21 billion, ranking seventh.
- The SPDR S&P 500 ETF (SPY) led with over $26 billion in volume.
Dominic Frisby, a comedian and sound money advocate, noted that both Bitcoin and gold cannot be printed by governments, which may contribute to their rising value as people lose faith in fiat currencies.
Silver is also experiencing gains, trading below $48, its third-highest level historically. Historically, silver's peaks have coincided with gold's, suggesting potential further upside for Bitcoin.