Matrixport: Gold and Bitcoin rise in resonance, and the global financial landscape may usher in structural adjustments

Matrixport released a chart today, showing that in May 2023, gold fluctuated repeatedly around $2,000 per ounce, with central banks increasing their holdings for 11 consecutive months, providing momentum for a subsequent breakthrough. Gold's strong performance reflected a structural shift in the global monetary landscape, a trend not yet evident in the Bitcoin market at the time. Gold was still hovering around $2,000, while Bitcoin was trading around $30,000. This divergence, based on the historical correlation between the two in terms of momentum and valuation, suggests Bitcoin could potentially rally towards $45,000. Historically, gold typically experiences significant rallies only during crises, and this current surge confirms this pattern. Currently, the Federal Reserve's independence is under unprecedented pressure, while the United States and other major economies are implementing large-scale fiscal expansions. However, these policies have failed to generate a substantial growth multiplier effect. Instead, they have led to continued currency depreciation, structurally higher inflation, and long-term pressure on real economic growth.