Well now, it appears China’s taken a fancy to hoarding gold like a miser at a hoedown, piling on five whole tonnes in the past month like they reckon the world’s turning to dust and no one’ll be able to buy a jug of molasses without a shiny nugget in hand. Meanwhile, old Bitcoin is holding its ground, tipping its hat steadfast at a cool $85,000.
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View Urgent ForecastBitcoin’s Hangin’ Tough While China’s Got the Gold Fever
According to a chirp on this here X contraption by the Kobeissi Letter folk, the People’s Bank of China has been busy as a swarm of gnats stacking up gold bars—five tonnes worth just last month. Seems they’re fixin’ to outshine any rabbit in a hat trick with their shiny metal.
Now, this gold rush by China’s got more folks scratching their heads than a possum in a tick farm, but ol’ Bitcoin’s riding that storm like a seasoned riverboat gambler. Despite a cloud of gloomy news lately, that digital coin’s sitting pretty at $85K, flashing a grin like it just aced a high-stakes game of poker.
Funny thing is, just four days back, Bitcoin and its crypto kin took a nosedive after President Trump slapped on himself a 245% tariff against China, like a grumpy sheriff laying down the law in a dusty town. But now, with China crowing about its gold stash, Bitcoin’s bounced back, leaving investors more puzzled than a cat in a room full of rocking chairs.
One savvy notion is that Bitcoin’s taken on the role of the new shiny safe-haven, stepping up as folks figure China’s gold hug means they’re giving the ol’ greenback the cold shoulder. Traders reckon it’s a hedge against inflation, kind of like carrying an umbrella when the weather man says it’ll rain cats and dogs.
There’s also chatter that China might be moonlighting on a Strategic Bitcoin Reserve. But then, whispers about China offloading 15,000 bitcoins like hotcakes on offshore exchanges have popped holes in that theory faster than a needle in a balloon.
Gold’s Shootin’ Sky-High, and Bitcoin’s Ready to Hitch a Ride
Gold’s gone and climbed to new dizzy heights, hitting $3,326 after picking up nearly a hundred bucks faster than a jackrabbit in a prairie fire. This shiny bull run is sparking speculation that Bitcoin might just follow suit, catching the same kind of institutional eye that has China leading the gold dust parade.
The tariff war dance between the U.S. and China has folks scrambling like hens with their heads cut off for safe assets, with gold hogging the spotlight. But Bitcoin’s got its own pull, fixin’ to be the understudy safe-haven that steps into the limelight when gold takes a breather.
Now, Peter Schiff, that old bear, warns that Bitcoin’s in a bear market, putting a cold dampener on dreams that it’ll mimic gold’s golden ticket. Spot Bitcoin ETFs have seen more red ink than a broke bookkeeper, yet Bitcoin’s price is holding firm, showing gumption like a bulldog on a chew toy.
Cryptocurrency analyst Darkfost put it plain: “$4.8 billion flowed outta the ETF market since the last all-time high. Still, Bitcoin’s price is keeping its hat on, showing about as much reaction as a cat to bath time.”
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2025-04-21 04:55