Loading ...Why hasn’t Bitcoin broken out in New Zealand Dollars? Mmmmm
Here are 4 quartly log charts. Gold in usd and nzd. Bitcoin in usd and nzd. Note the difference? I believe the delta we see is “store of value”. Gold protects you in ANY currency. Bitcoin… for some reason doesn’t… Wait.. it is NOT a store of value, but mainly a speculation instrument.
Here is gold in usd.. closing in on all-time high breakout.
Here gold in nzd.. already wayy above all-time highs.. as the Kiwi has been depreciating alot lately.
Here is bitcoin in usd… also closing in on all time highs… (quarterly defined is about 14k)
So you’d expect bitcoin expressed in kiwi to be waay above breakout line ? WRONG… looks about like usd chart.
Why is that? Doesn’t mean btc can’t breakout… it’s actually trending upwards on the higher time frame (quite bullish)… but it’s being mis represented as a store of value…
ANYBODY in New Zealand would tell you different!
Adding two charts: BTC expressed in ANY currency is 100% correlated. WHY IS THAT? Or why is gold not doing that?
What am I missing?
Let me know if my premise/theory is wrong… Maybe because of btc recent history? Let me know both sides. Thanks
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Patrick, Bitcoin outperformed gold so substancially in 2018 (by 2000%) that it had to cool off a bit.
Despite being correlated (you can make an analog chart of the two overlaying them, the time frame of their cycle is very different.
Try to watch since when Bitcoin took out its 2011 high in NZL dollars. There you will have the answer to what you are missing.
Thanks! I’m deep diving in a xls the price movement broken in two parts. 1- speculation 2- currency variations. Somewhat like Kitco does for commodities. https://www.kitco.com/kitco-gold-index.html