Bitcoin and Gold, just a few weeks ago, were noting what some would call “unnaturally high” levels of correlation– a figure of 73.6%. However, the said correlation soon dipped on the charts, with the BTC-Gold correlation registering a figure of -28%, at the time of writing.
That’s not all, either, since at the same time, BTC was sharing a very high degree of correlation with the stock market too.
Interestingly, many people have perceived the previously observed correlation of BTC and Gold to be evidence of the ‘store of value’ narrative for Bitcoin. However, another argument is that this recent data may suggest that it behaves more like a growth asset, especially during inflationary times.
In fact, a recent report by ByteTree had highlighted that Bitcoin has traditionally done best alongside growth assets in 2013 and 2017, and worst alongside growth assets in 2014 and 2018. Bearing in mind that 2013 was a terrible year for Gold, circumstantial evidence points to Bitcoin as a growth asset.
The report went on to further examine this assertion by using bond yields as an approximation for economic growth. The same yielded some important revelations that are worth noting.
Owning Bitcoin during times of rising yields or economic expansion has resulted in better returns than when the economy has been contracting. Additionally, rising inflation, which reflects higher demand, has also coincided with some of Bitcoin’s best years.
It seems that Bitcoin likes the real yield to rise, but is more sensitive to economic strength than the deteriorating value of money. This is evidence that Bitcoin is not just economically sensitive, but also inflation-sensitive, and is an asset class that behaves exactly as financial stocks do.
While Gold likes real rates to fall, Bitcoin likes rising real rates, which allows it to be reasonably classified as a growth asset. However, its high performance during periods of rising bond yields and inflation grant it status as an asset with value credentials.
Although it is still early days as we attempt to classify Bitcoin into a particular type of asset class with any available data, perhaps we should re-imagine it as a complementary asset to Gold, instead of an alternative store of value. A portfolio that rebalances them according to the prevailing state of the macro-market can generate exceedingly high returns.
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Las Atlantis: A New Bitcoin-Friendly Online Casino
Las Atlantis is a new ambitious project developed by Top One Partners, an affiliate program that develops and manages brands. Their casinos are popular around the world due to the crypto-friendly policies, which allow users to deposit funds in BTC.
Earlier this month, Top One Partners introduced a new, BTC-friendly casino. Las Atlantis comprises over 200 diverse and astonishing games with fantastic storylines. On top of that, players have the opportunity to receive a wide range of cool bonuses in exchange for a deposit as low as $10. Therefore, everyone can try their luck at Las Atlantis online casino.
With Las Atlantis, players have no reason to worry about the security and safety of their data and funds, as the casino employs 256-Bit SSL encryption technology, leaving no chance for fraudsters. Additionally, the casino website is 100% cross-browser compatible and supports all mobile devices, such as tablets and smartphones. So, one can enjoy playing with wonderful characters and winning mind-blowing prizes practically anywhere! All Las Atlantis users have to do is open the casino’s website on their mobile device and the whole Las Atlantis world is right at their service!
First and foremost, it’s worth mentioning that Las Atlantis was created from scratch by the talented Top One Partners team, who spent a lot of time planning and designing the website. The casino represents a city “prospering deep in the Bermuda Triangle, hidden from public view.” And it’s so advanced in its development that it looks like a city of the future, where every citizen is happy and wealthy. But adventurous players have the chance to become citizens of Las Atlantis and live happily ever after. All they have to do is to find the way to the secret city and spin that wheel!
Las Atlantis is a highly progressive city, and therefore it supports not only standard payment methods, such as Visa, Mastercard, IGC, Neosurf and POLi, but also the most popular cryptocurrency in the world. Bitcoin is a great alternative to traditional methods of payment as it has many perks. Players can deposit from $20 to $2500 (the largest amount allowed for depositing per transaction in BTC). Also, crypto withdrawals are processed within the shortest period of time (1-3 business days), while the same procedure takes up to 3-4 days for Visa and Mastercard and 5 business days for bank wire. It’s also worth mentioning that the casino takes no extra fees for carrying out the transaction.
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Bitcoin Whale Issues Crypto Market Warning After US Department of Justice Releases Enforcement Framework
One of the few Bitcoin whales willing to release public statements says a new enforcement framework from the US Department of Justice could have negative long-term ramifications on the crypto markets.
A new document from the DOJ entitled “Cryptocurrency Enforcement Framework” describes how multiple US agencies are working together to combat anyone who steals cryptocurrency or uses it to launder money or finance terrorism.
The framework, which is meant to describe how the DOJ enforces existing laws, asserts that the agency has the robust and sprawling authority to prosecute service providers and other entities that violate US regulations. The framework also states that the DOJ has the power to go after virtual asset service providers (VASPs) who violate US law “even when they are not located in the United States.”
The report says the DOJ considers the use of anonymous crypto assets such as Monero to be a “high risk activity” and cites crypto mixers and tumblers as potentially dangerous services that must follow anti-money laundering procedures.
All of this, says a pseudonymous and influential crypto whale who goes by the name Joe, does not bode well for the nascent crypto movement as leaders in the space push for support from regulators.
“Cryptocurrency Enforcement Framework, published by DOJ today, contains quite a few eye-openers. None of them exactly good for crypto markets, and ‘crypto’ in general, to be brutally honest.
What media immediately jumped on was red-flagging usage of ‘anonymity enhanced cryptocurrencies (AEC)’ such as Monero (XMR), Dash (DASH) and Zcash (ZEC) as ‘indicative of possible criminal conduct.’ AEC could possibly apply to privacy-enhancing BTC tech.
A full-on attack on privacy-enhancing services or tools such as mixers and tumblers is articulated (either for Bitcoin or other cryptos). Justification is as follows: ‘[they are] frequently used by individuals who are laundering proceeds of virtual currency thefts’…
As expected, there is not much in terms of hard evidence to demonstrate diabolic nature of nefarious cryptocurrencies (such as real-world connection to actual terrorist activity). But it does not stop the document from drawing far-fetched projections of [an] apocalyptic future.”
Recent charges from the DoJ and the Commodity Futures Trading Commission against the cryptocurrency exchange BitMEX may offer a hint at what’s to come from US regulators and law enforcement agencies.
As for the illicit use of crypto in the real world, a recent report from British defense and aerospace company BAE Systems on behalf of the global financial messaging service provider SWIFT found that actual use of crypto assets in the money laundering space pales in comparison to the use of cash.
According to a comprehensive 2019 report from the RAND corporation, there is also little evidence to show terrorists are using cryptocurrency, although researchers caution this could change as technology evolves.
“We see little current evidence of the adoption of cryptocurrencies by terrorist organizations or the motivation to do so, but that very well might change as countermeasures shut off funding and as the cryptocurrency technology changes.”
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MAJOR GAINS COMING! Has The Cryptocurrency Market bottomed?
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