The fact that Bitcoin hasn’t reached an all-time high in terms of gold reflects that broader market participants view Bitcoin as a risk-on asset rather than risk-off. This perception is likely to change in the foreseeable future, but not in the near term.
Personally I don’t see it like that. I think it’s actually a reflection of the information asymmetry
Ie most people still think gold is a better form of money to Bitcoin & hence the mkt cap difference
The adoption curve is just far earlier than even the most ardent of supporters think it actually is
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