Here's an interesting chart. It's pretty much a Bitcoin/Gold Ratio chart. Money going into Bitcoin has to come from somewhere. Perhaps everyone is buying Bitcoin with their stimulus checks. Personally, I never thought Bitcoin would be a success. I thought Gresham's' Law would kill it.
Okay, this brought me up short. "Bad money drives good money out of circulation" -- and what could be worse money than a theoretical construct proudly and explicitly backed by NOTHING? Now I'm expecting Gresham's "law" to give Bitcoin and its ilk final victory over all other forms of money.
As Paddyman98 would say..."hi yo Silver away"....look for the US to be electrified...infrastructure upgrades..solar connectivity...evs just part of the fabric....
Perhaps...but let's not forget about the very nature of crypto-currency; it's highly desirable and in limited supply. "Value = Demand/Supply". Bitcoin (currently) is increasing in value relative to gold and the Dollar. Who wants to spend a bitcoin when it can double in relative value over night? Personally, I would hoard Bitcoin and only use it when I need it's unique qualities of convenience and/or anonymity.
Will you feel the same way when it's steadily dropping in value? Bitcoin's supply is limited, but the number of potentially competing cryptocurrencies is not.
I agree. I thought crypto currencies would eventually reach equilibrium and their exchange rates would fluctuate against fiat currencies...like Gold. Reputation seems to play into the equation, too. People seem to gravitate towards currencies perceived as most reliable and useful. That should keep prices skewed towards the most desirable crypto-currencies. Anyway, speaking for myself, if I have a choice between paying with two different currencies, I'm gonna pay with the one I value the least.
"I agree. I thought crypto currencies would eventually reach equilibrium and their exchange rates would fluctuate against fiat currencies...like Gold." I see what you're saying. I wasn't saying that Gold is a fiat currency. I was "trying" to say I thought Bitcoin would eventually fluctuate "like" Gold...relative to whatever fiat currency is chosen (e.g. U.S. Dollar). In other words, that Bitcoin would eventually behave like Gold.
I would love to offer a positive response. However, this is a place for Coins, not politics. It's difficult (I know!) to discuss currencies without drifting into politics. The two are so intertwined.
So, I've heard that the same "group think" that played against the hedge fund biggies in the GameStop (and AMC, etc.) market gamesmanship are now looking to target the big silver manipulators and are buying up physical silver.
IMO cryptos deserve a place in one’s portfolio. Me, I’m old and cautious, so they are a small percentage.
If I remember right when the Hunt brothers tried to manipulate the market several dealers got their butt handed to them when they held on to the silver they purchased. I lived in Greensboro, NC at the time and a LCS owner who I considered a mentor advised me stay out of the fray and hold the silver I had. I took his advise and I could have made much more $$ if I had sold BUT what I have now seems even more precious to me due to holding it. I accumulate as much as my billfold will allow in PROOF SILVER coins graded 69/70 and looking back I did better than the markets. IMHO the GSR is as another so eloquently phrased it Horse Manure. Stay Safe Semper FI