Gold is so last millennium. When traders were under the false impression that Britain’s “remain” campaign had the upper hand, it was Bitcoin, not the barbarous relic, that really took it on the chin.
The popular State Street SPDR exchange traded fund, which goes by the GLD ticker symbol, slumped on Thursday to its lowest in nearly three weeks. But digital currency Bitcoin did far worse.
When the leave vote took the lead and markets flipped,
Bitcoin jumped. Between its trough at midday in New York Thursday and 2:00 a.m. when the outcome became official it surged by over 20%. GLD, from trough to peak, appreciated by just 5.4% as of mid-morning.
If Brexit really ushered in a brave new world politically for the 21st Century then it was also an impressive debut for a brave new safe haven.