by George Gilder
Daily Reckoning
Bitcoin (BTC), quite possibly the world’s best “investment” over the last decade, is on a roll. But is it money? What are its prospects as digital gold?
Perhaps you don’t care. Bitcoin is a lucrative trading vehicle. Why does it matter if it is going anywhere?
By the measure of “coin market cap” at the end of 2020, it peaked at a level of $42,000 or verging on a trillion dollars of market cap. That’s around a tenth of the level of gold.
Now early in 2021, it is down to $34,000 and $650 billion, or 6.5% of the gold level.
As time passes, bitcoin behaves less like gold and more like a swashbuckling speculative asset.