Trolling the Gold Bugs

There is a mania in Bitcoin these days. Its price is going up at a breathtaking pace, and it makes me wonder if this might be partially due to central bank intervention.

Are central banks trolling gold bugs by sending the price of Bitcoin sky high? After all, most gold bugs are deeply aware of Bitcoin as a competitor to gold, so sending the price of Bitcoin to the Moon is an effective way to demoralize them.

Some gold bugs who are stacking gold purely as a short term investment may even decide to dump their gold and go all in on Bitcoin, thereby making it easier for central banks to keep the gold price from going up too quickly.

Ulysses and the sirens

By Herbert James Draper - 1. Art Renewal Center 2. Unknown source 3. The Bridgeman Art Library, Object 96235, Public Domain, Link