Gold is undervalued relative to stocks/bonds/etc, but bitcoin is tremendously undervalued, if only against gold.
So...Yes.
So...Yes.
I tend to agree in the short term, however I see problems in the longer term. Gold exists. It is a basic element, can only cease to exist if the laws of physics cease, and is a known quantity.
Both have scarcity working for them. Both are currently viewed as a safe haven. But gold doesn't have the extreme volatility of bitcoin.
I see them working in tandem. But if the average man starts to see btc as a store of wealth ON PAR with gold, could make for some very interesting opportunities.
And of course a two week trend of correlation is hardly more than speculation, so this could be meaningless.
All in all, I think that cryptocurrency. Is a positive step away from the current clearly doomed to fail versions of free floating currencies. But so far its adoption is wide but not deep.
What you said about gold is right. But it's not only an advantage. The fact that gold exists physically means that you can't transmit its value other way than physically.
