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Trump didn’t pick a completely insane person to lead the federal reserve
Gold silver and crypto only go up when people think the economy is gonna crash
Since he picked a regular guy basically they know the economy won’t crash anymore so they sold
Yet, if you exclude last week's spike Gold is around its all-time high value, which is over 2x its price when Trump took office.
Meanwhile per this article the price of Bitcoin is lower than when Trump took office.
So the biggest by market valuation cypto of all either isn't really correlated with people's expectations of economic crash as you postulate or crypto investors totally disagree with Gold investors about an economic crash approaching.
Personally I'm starting to suspect that the theory that crypto is seen as a protection against economic crashes is either false, outdated or some crypto investors do see it like that but they represent a tiny fraction by value of all trading in that asset class so they're not the ones shaping crypto prices.
Not a regular guy by any stretch.
I didn’t mean an actual regular guy lol what did you think I meant
I meant someone regular as in someone the markets consider an unspectacular and reasonably qualified choice
Yup. People hate when it’s the easy answer but there’s no huge conspiracy. Traditional economists were terrified about the potential shift at the fed and Trump picked an establishment guy. The dollar got stronger, while crypto, gold, and silver crashed.
The other part here is that crypto had a decent bump when Trump won, but before he took office. Investors were excited about him as a pro-crypto president
Constant digital exposure to unprecedented propaganda combined with most people reading below a 6th grade level
Not just the constant exposure but the failure of traditional media to maintain their influence leads to people being in echo chambers.
Traditional media was essentially purchased with intent to alter its fundamental purpose of delivering news to selling ads and ideas
Many have been gutted or shuttered entirely as well
Inevitability under pure cronyism
I think you hit upon the reason: gold and silver dipped so people traded bitcoins to buy cheap metals.