Bitcoin heads for infinity

Bitcoin continues to outperform gold in recent price action:

However, it still hasn’t broken its recent range:

Will it? Today’s BofA fundie survey shows some rising acceptance of BTC:

Anything is possible at this juncture. There is no reason why BTC is yoked to gold that I can see. It isn’t a safe haven. It isn’t a medium of exchange. It isn’t a store of value. It’s not a commodity or a currency. It’s a sort of smuggling uncurrency.

So, why would it be attached to gold, as it has been? If it is as entirely worthless as it appears then it is also worth infinity.

The only observation I can make with any authority is that there is a relationship between BTC at infinity and functional capitalism at zero.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.