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PAXG hit new high on Middle East tensions, raising questions about Bitcoin
A gold-backed digital asset from Paxos spiked to an all-time high over the weekend amid a backdrop of rising tensions in the Middle East, leading to some questioning Bitcoin's value as a geopolitical hedge.
The PAXG gold-backed crypto token hit $2,855 on April 13 as Bitcoin prices conversely tanked $5,000 in a matter of hours from over $67,500 to bottom out at around $62,700 in a 7.5% daily rout, according to data from CoinGecko.
“Bitcoin may be many things, but it is not a geopolitical hedge,” commented Bob Elliott, the co-founder and CEO of Unlimited Funds and former executive of Bridgewater, in a post on X.
Geopolitical tensions in the Middle East were ramped up over the weekend following an Iranian drone and missile attack on Israeli targets.
The former Bridgewater Associates research head added that this weekend was another good empirical test as BTC traded with a “near-perfect negative correlation over the last day to PAXG.”
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Apr-15-2024 08:25:55 AM