I'm pretty pleased with the stability tbh. We could well hit 550 tomorrow but it looks like we'll settle at 650 come monday. I don't expect much volume over christmas and once we get back over 800 we'll have officially shaken off china. We'll probably have a lot of panics as china exists but we'll be 800 into the new year regardless
Have you ever watched the price of petrol/gasoline during a global crisis? It increases dramatically. When the event is over and the market stabilizes the price drops but never to the level that it was before the event that moved it. Bitcoin is proving to be a commodity the reacts similarly.
I suppose the gold/oil connection is scarcity/difficulty. I'd argue bitcoin is closer to gold than oil. Gold and bitcoin have arguable intrinsic value but it's scarcity that makes them valuable. Same for diamonds/silver etc. Yes you can do some stuff, make jewelry and electronic components but it's manly about a store of wealth.
Oil is different. Oil has a real intrinsic value. It is fuel. A real difficultly(cost) to mine plus it has a cartel limiting the supply.
talking out loud tbh lol
I like that - a bit like oil, a bit like gold. lol
I meant the reaction from market manipulation instead of actual intrinsic value. Bitcoin is highly manipulated by a few power players, so is crude oil.