After watching the ethereum show and after losing 4% in market share, bitcoin rose by $1,000 today from circa $18,000 to a brief $19,200.
The crypto gave some way at the time of writing, falling to $18,900, but it appears to have set a new level of sorts.
Bitcoin rises alongside green stocks, up 1% for most of them as some optimism returns the economy may well get back to growth following the beginning of easing of restrictions.
The British Chancellor however is warning all this money will have to be paid back, with a big fight potentially to ensue maybe next year over the tax system which greatly favors the very rich due to the flat tax rates applicable in much of the west.
As a simple example, someone that gains $1,000 in stocks or gold has to pay the same 10% in capital gains as someone who gains $1 billion.
There’s also the question now of whether this debt actually has to be paid back considering it is majorly owed to our own central banks which just print it out of nothing.
That and much else may be subject to Citizen Assemblies which are popping up in France and soon presumably everywhere else, with the question of money potentially on the agenda once again.
Where gold is concerned however the question there may well be more one of disruption as what was the hardest money finds itself lacking in its one job of hedging against mass devaluation.
Amidst trillion printers in America and Europe, you’d expect gold to rise not fall, but it has been falling instead as it looks like much of the hedging is being done with bitcoin.
The new gold has seemingly performed much better in that task, responding a lot quicker to events due to being much more accessible and thus much more global.
Gold is still nice to wear as a bracelet however, but the days of stacking up yellow bricks may well be over as the young especially now stack sats.