We compare the price of Bitcoin, Ethereum, & Gold, using the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference as well as the London Bullion Market afternoon price settlement. We also include the S&P 500 for reference.
8/19/20 Closing Prices:
Bitcoin: $11,849.51 (-$147.26)
Ether: $412.78 (-$8.89)
Gold: $1,934 (-$63.00)
S&P 500: 3,374.85 (-14.93)
Trading Summary Notes for Wednesday, 8/19/20
The global pandemic, better known as the Coronavirus, has been giving BITCOIN (and GOLD) a major boost over the past few months. Why? The virus has been destroying the world’s economies at a rapid pace with many nations seeing their fiat currencies literally destroyed. In a rush to safety investors (and just the ordinary populace) have bought GOLD and the “new” store of value…….BITCOIN……..to protect against further economic uncertainty. Remember, BITCOIN barely existed when the last financial crisis ravaged the globe.
Note: touching or holding/passing a BITCOIN or a digital GOLD token has not killed one parson through this pandemic (let that sink in a second or two)
So where are we going?
Current trading positions: LONG BITCOIN, ETH & GOLD. Getting short S&P 500.
Bill Taylor is Managing Director/CIO at Entoro Wealth & a frequent contributor to FA-Mag.com