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Bitcoin is not a safe haven yet
In early July I wrote an article discussing bitcoin’s progression into a viable fiat currency proxy in a world of overzealous central banks. A couple things have changed since then that have added wrinkles to the story. Most importantly, global central banks, including the U.S. Federal Reserve, have moved from dovish to really dovish. The U.S. 10- year yield has gone from 2.14 on July 11 to 1.6 on August 14. As we would expect, there have been accompanying bids in traditional safe-haven assets like gold and silver as they become cheaper to hold in a low rate environment. There has also occasionally been a bid in ... (full story)
