Bitcoin (BTC) may soon be “decoupled” from traditional assets, says statistician Willie Wu, while gold’s most important correlation is weakening due to a long-term downtrend.
In a tweet on September 25, Wu predicts that Bitcoin will function as a successful startup that gains new interest and goes its own way.
Woo: Bitcoin Macro Link Airdrop Coming Soon
He argued that adoption would follow the classic S-curve pattern, as in the growth of a startup. This will take precedence over investors who want to hedge against other assets.
“Bitcoin will soon disconnect from traditional markets, but will be driven by its own internal adoption curve (think of the growth of startups), not changes in the perception of traditional investors as a hedging tool,” Wu wrote.
“Basics of user acceptance have reached their highest level.”
As reported by Cointelegraph, both the bitcoin network hash rate and difficulty level are at an all-time high, confirming the competitiveness and long-term understanding of the profitability between the two metals.
Just as Wu expected a break with Bitcoin’s current dependence on factors such as the US Dollar Currency Index (DXY), another chart showed that changes could be taking place.
The bitcoin to gold price ratio, which had tended to decline after the BTC / USD highs in December 2017, interrupted the rally when the pair recovered $ 12,000 in late July.
The subsequent revaluation of the trendline seems to confirm new support, which is causing the rebound to the upside.
The performance of the weekly spreadsheet over the past three years has been heavily noted by Travis Kling, hedge fund hedge fund Ikigai.
MicroStrategy considers Bitcoin to be a “non-toxic” currency.
Wu’s words come at a time when, without a doubt, the largest Bitcoin adoption of the year, MicroStrategy, also denies that the $ 425 million BTC purchase was a hedge.
In an interview with RT host Max Keizer on his Keizer Report TV show on Thursday, CEO Michael Saylor made it clear that he really wants MicroStrategy to adopt the “Bitcoin standard.”
“What we have is a war on the currency, not a war to make the US currency weaker than the euro. The war on currency is that everyone who has currency is attacked. ”
“And now we are starting to realize that the currency has become toxic because of the economic … political policies of central banks, you kind of have to run from this currency to something non-toxic, and I think Bitcoin is not a toxic currency.”
He noted that it also makes sense to exchange cash for bitcoins, because scarce assets will grow 25% by 2020 and 10% every year thereafter. So sitting on cash was more like a melting ice cube.