Digital Gold? Bitcoin Rebounds From Correction While US Dollar Weakens
Yes, the US Dollar is FIAT currency (not backed by a precious commodity like gold, silver or even iron pyrite).
Bitcoin, the largest crypto-currency, has more than recoverd from the “correction” last week. It has resumed its all-time high price This is happening as the US Dollar weakens.
Here is Bitcoin relative to Gold. Check out their relative performance since September.
Is it digital gold? Well, Bitcoin is an alternative to FIAT currency like the US greenback, the Euro and the Yen. The massive expansion of Central Bank balance sheets has certainly concerned investors.
An example of an 1899 $5 silver certificate.