BTC & Gold Leave The S&P500 Behind
Over the past couple weeks, we've seen a slight recovery for Bitcoin (BTC), gold, and the overall stock market. But, as expected, BTC & gold appear to have taken the lead...
Looking at year-to-date (YTD) gains, BTC is up right around 3%. The S&P500 is in the red – with YTD down 16%. And gold, the classic safe haven asset, has gained ~8% YTD.
Not too shabby.
But here's where it gets interesting...
While the "risk-on asset" vs. "safe haven asset" debate steamed up last month, recent numbers show that Bitcoin's safe haven narrative is intact and could be stronger than ever...
Bitcoin's correlation with gold, measured over the past 30 days, is now at all-time highs.
If this correlation continues, Bitcoin hodlers have yet another reason to remain optimistic.
Let's not forget that after the housing crisis, all asset classes plunged in a short period of time. But in the 12 months that followed, the price of gold increased sharply, making 09'-11' the best performing years in gold's history. If you want to consume more bullish threads on gold/digital-gold dominance for the decade ahead, we suggest you start here.
| | Paxful is Now Letting its Users Trade Bitcoin for Gold
Speaking of gold...
In response to customer demand, this week Paxful became the first Bitcoin-backed p2p marketplace to offer gold buying and selling options.
Gold buying and selling on Paxful works like any other payment method on the platform. Anyone who has gold can buy BTC from a vendor who accepts this payment method and vice versa.
| | Why Do We Bitcoin?
The opportunity to congregate online, share ideas, and build out the system that will take down the Hydra in a decentralized fashion is an opportunity that cannot be squandered.
| | By Now You've Heard the News
The price of hard-assets are rallying amid today's geopolitical uncertainty. If you want to play your cards right in this surging market, we highly suggest to check out this alert from our colleagues at Stansberry Research.
It features a business model with the same kind of upside as the very best miners... but the risk profile of a long-term value stock.
| | Second Order Effects
The health impacts of COVID-19 are bigger than anything we write about here, but there's still a lot of interesting things happening...
Without trying to further exhaust anyone, here's a few resources worth checking out: - Second Order Effects – A set of collaborators are aggregating all of the potential secondary effects of today's crisis across business, our personal lives, government, and education.
- COVID Myths – A handy infographic that busts the biggest myths, falsehoods, and conspiracy theories about COVID-19, with sources.
- Global Lockdown Tracker – All of the global lockdowns, from the date they were instituted to the date they are currently scheduled to end.
| | Demand for Bitcoin Online Courses Explodes by 300%
Over the past month, Coursera has seen a 300% increase for online Bitcoin courses. Gotta love it.
If you want to learn for free (while having a bit of fun), we suggest you check out CryptoHack. The platform provides a series of interactive puzzles, games, and challenges for users to learn about modern cryptographic protocols.
| | Blockchain Association Asks Court to Reconsider Telegram Injunction
We covered Telegram's spat with the SEC/NY Court in last week's newsletter. You can catch up here.
Now, The Blockchain Association, a blockchain advocacy group that comprises many of crypto's richest and most powerful companies has once again rushed to Telegram's defense.
For the exchanges, crypto funds and blockchain companies that comprise the Blockchain Association, the case is of immense importance for the future of their businesses.
| | Major Crypto Firms Including Binance, Civic, Tron Targeted in Flood of Lawsuits
Well-known crypto market players and companies were hit by a barrage of new lawsuits filed Friday in New York federal court.
Eleven class actions were filed by the Roche Freedman law firm in the Southern District of New York. They separately name Binance, Civic, BProtocol, Status, Block.one, KayDex, Quantstamp, BiBox, TRON Foundation, KuCoin, BitMEX, and many other individuals such as Civic's Vinny Lingham and Binance founder Changpeng "CZ" Zhao.
The lawsuits allege violations of U.S. securities laws against the issuers of digital tokens and against the crypto exchanges that sold them to people in the US.
| | South Korea's Central Bank Begins Pilot Program for Testing Digital Currency
The Bank of Korea, the country's central bank, has launched a pilot program for testing a digital won.
This news comes as central banks across the world have accelerated their digital currency research efforts. Last week, the central bank of France also launched an experimental program to test the integration of digital euro in settlement procedures.
Playing devil's advocate is Meltem Demirors explaining why a digital dollar is terrifying and essentially the complete opposite of what crypto is about.
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