Bitcoin Blowout

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Well, it finally happened. Bitcoin threw off any last caution and went vaulting over the psychologically-important and media-friendly $20,000 level. After one last stammer, voomp, it’s done.

Over the exact same period, you can see how gold has become utterly discarded. I suspect long-term precious metals fans are institutionalized by now. Indeed, the two charts look virtually like inverses of one another, whereas months ago one would have rightly assumed that they might move more or less in lockstep. It is clear, however, that the safe haven from the central banks of the world is now $BTC instead of /GC:

Here is a longer-term view of Bitcoin. It isn’t enough to save Mr. John McAfee’s vital organ, but if you told me that Bitcoin was going to double next year, I wouldn’t be the least bit surprised.