A very interesting link which opens a parallel topic - why is bitcoin enjoying a current spike?
There was a suggestion that Blackrock's ETF move was at least in part behind the spike. So clearly this is reasonably big news in cryptoland. So I ask myself why should it cause a rise in price, reminiscent of its entry to the Chicago Board of Exchange. Two possible reasons - it increases the ease of participation i.e. easier to buy bitcoin and the second reason might be that it shows Blackrock believe in it. It is the latter that I have been questioning, and Mr Blackrock himself seems to demur from such an endorsement.
But Mr Blackrock in an unusual show of modesty denies that their move is behind the spike. No it is due to a flight to "quality". Well, well, well. Does this mean Mr Blackrock finks bitcoin is quality or is he saying there are those who do fink so? I will give him the benefit of the doubt that he meant the latter.
So how do we explain that bitcoin is up 30% in a month whilst gold is up only 4.75%?
I myself took the spike to be a sort of flight, not to quality, but to an imagined nuclear bunker. Do people really believe that in Armageddon they will smugly be able to check their smartphone and see that they are worth a trillion dollars?