Raoul Pal asks the question: Bitcoin is eating the world… It has become a supermassive black hole that is sucking in everything around it and destroying it. This narrative is only going to grow over the next 18 months. You see, gold is breaking down versus bitcoin…and gold investors will flip to BTC pic.twitter.com/ox7KRY5VRo — Raoul Pal (@RaoulGMI) October 27, 2020 Is this true? Here’s the same chart without the dubious technical support line: It is true that gold faded against BTC in the last few weeks after PayPal allowed its use of the latter on its platform. But, in context, the move looks news-related, not structural. BTC has been yoked to the gold price for about three years in the current range. Drawing a line on a ficticious market for an imaginary product using made-up technicals is evidence only that Mr Pal has caught BTC voodoo.
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