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PAXG is indeed a bright spot! Have you heard? Its price soared by a whopping forty percent! It even reached over $3,200 at one point, which is simply unprecedented! This price is forty percent higher than the spot price of gold, truly skyrocketing. Although the price of PAXG has slightly retreated, it still remains at over $2,300, similar to the spot price of gold. A spokesperson for Paxos also mentioned that geopolitical events do impact the price of gold, but accurately determining the price of gold is not a simple matter.
The recent fluctuations in the price of gold have been significant, which is quite rare. And did you know something else? The price of Bitcoin has actually moved in the opposite direction to PAXG! This has sparked a lot of discussion in the community, with some saying "Bitcoin is unreliable," "Bitcoin is not a safe-haven asset at all," and even suggesting that "those who believe in Bitcoin need to reconsider." Former senior executive at Bridgewater Associates, Bob Elliot, said that Bitcoin may be many things, but it's definitely not a geopolitical hedge tool.
However, Phyrex reminds us that when discussing whether Bitcoin is a safe-haven asset, we need to differentiate between "high net worth investors" and "ordinary investors." For high net worth investors, Bitcoin is indeed a hedge tool, but they are concerned about counterparty risk rather than depreciation risk. What they care more about is the portability and easy acceptance of Bitcoin, even issues related to international scrutiny, which are the fundamental reasons. Moreover, according to Phyrex's statistical data, although Bitcoin holdings were somewhat volatile yesterday, overall, there was still a trend of accumulation. |
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Post time 19-4-2024 10:35:23