$28,000 Bitcoin – Gold & Silver Consolidates

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$28,000 Bitcoin – Gold & Silver Consolidates

Today is Wednesday 30th December 2020 and once again we are reporting that Bitcoin has reached another all time high – $28,000 while gold and silver struggle to reach $1900 and $27 respectively. Sl let’s take a look….

Yesterday we produced a video entitled:

$2010 Gold in 2021 – According to BNP Paribas

where BNP Paribas bank forecast a gold high in 2021 of $2010,

On Monday we published:

2021 Investments – Bitcoin – Equities – Gold & Silver?

and on Sunday

Bitcoin vs Gold & Silver Episode 4 – Scaramucci Launches Bitcoin Fund

We accept that there does appear to be a considerable focus on bitcoin by us recently, but frankly, with gold meandering at just $1877 and silver at $26.24 less than a 2% change since Friday’s close is there little wonder that we are reporting on the only truly exciting piece of economic news and that is bitcoin constantly hitting new record highs including today where we saw bitcoin touch $28,563 although it has fallen back to the current $27,971

Bloomberg and Reuters are also excited – so let’s take a quick look at what Bloomberg has to say:…….

So we are witnessing another major rally and even stocks are up in the US on average by 0.5% while the dollar index has fallen back below the 90 level and is currently resting at 89.7

So whilst most markets are broadly treading water or showing some marginal gains, including oil today, its in the cryptocurrency market where the excitement rests.

At $28,000 the bitcoin market capitalisation is now approaching $550 Billion compared with the tradeable silver market of just $60 billion. If only some of these monies went into silver, then of course we would be at the $50 silver price the pumpers keep telling us is just around the corner. However, the harsh reality of life is that, at least for the moment, bitcoin has captured investors imagination, attraction and greed.

In addition we have also heard today that Poland’s central bank could cut interest rates during the first quarter of next year and may intervene to weaken the zloty, the bank’s governor said, undermining previous expectations for stable borrowing costs until 2022. On its own, this is not dramatic news, but it does suggest that we are not out of the woods yet if other central banks may have to follow suit and there is no guarantee at this stage that they won’t have to.

For the US – the world’s largest economy, the last nine months have been devastating, with 20 million U.S. residents infected with COVID-19 as of today, and more than 347,000 dead. Roughly 10 million fewer people are working now than in February. The economy at the end of 2020 will be about the size it was at the end of 2018.

A resolution to the pandemic now appears in view as the first vaccines rolled out this month. The economy remains technically in recession, with millions of families facing hardship and months until the full impact of the vaccine is felt.

This means that any economic recovery will be slower than many expect.

Well for now, we have to just wait and see.

Important Links and videos:

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Gold, Silver and Rare Coins:
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Bitcoin/Crypto Training

Bitcoin For Dummies 1st Edition

Cryptocurrency Investing For Dummies 1st Edition

Cryptocurrency Mining For Dummies 1st Edition

The Bitcoin Standard: The Decentralized Alternative to Central Banking

Blockchain Bubble or Revolution: The Present and Future of Blockchain and Cryptocurrencies

The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology that Powers Them

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Post Author: CoinCryptoNews