Do you think the bitcoin price is unstable? Take a look at sterling
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Answer Do you think the bitcoin price is unstable? Take a look at sterling
In what appears to be a stark reversal of roles, bitcoin is now a less volatile money than the British national currency.
According to the data you provided BloombergThe volatility of the British pound has increased against the US dollar in the last 30 days.
Meanwhile, bitcoin’s volatility has dropped significantly since June, and volatility has decreased again since the beginning of October.
This brought the volatility of Bitcoin and the British pound to almost equal points, as the chart below shows:
Source: Bloomberg
Bitcoin fell as one of the best performing assets in the previous quarter, simply by staying relatively flat while stocks and commodities continued to fall.
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The pound experienced turbulent volatility at the end of September, dropping almost to parity with the US dollar.
At the same time, the trading volume for the BTC/GBP pair increased.
Global bond markets are also showing increased volatility against bitcoin, despite the former’s reputation for safety and reliability, and the latter’s reputation as a risky asset.
In the case of Britain, the Bank of England has now returned to temporary quantitative easing to reduce the instability in the bond market, which almost caused the “Lehman moment” in September.
Earlier, many central banks denied the role that bitcoin could play as a form of money, and made the argument that bitcoin is too volatile.
The Riksbank made a similar argument in May which came via Twitter as follows:
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The price of Bitcoin has a high degree of volatility, and therefore it is a relatively weak custodian.
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