What to know:
And so it comes to pass, dear reader, that Bitcoin, that notorious rascal of the financial world, has leapt higher than a startled kangaroo, surpassing the $123,000 mark. In fact, it just posted its most prodigious weekly close—$119,500, beating the one before it as though it were a child with an overzealous desire to outdo its sibling at the school sports day. If the year were a race, Bitcoin would already be lapping gold, which has crept up a modest 27% this year, like a tortoise in comparison. Bitcoin is ahead by 30%, basking in the glory of its newfound heights.
According to the illustrious Charlie Bilello, chief market strategist at Creative Planning, this marks a curious moment in history: the two titans, Bitcoin and Gold, vying for the top spot in a way that has never quite been seen before. One might say it’s as if two old acquaintances are now in a heated, albeit friendly, race to the top. “We’ve never seen these two in the number one and number two spots for any calendar year,” says Bilello, nodding sagely as if it were a delightful novelty—though it’s hardly a surprise, considering the economic chaos at hand.
But ah, here comes the rub—when the two greatest non-producers lead the charge, it’s a bit like celebrating a dinner party where the only thing served is cake. Yes, cake is fine, but where’s the substance? Bitcoin and gold shining at the top may signal that something darker lurks beneath the surface, like investor nerves rattling at the sound of thunder. When safe havens reign supreme, it’s rarely because all is well in the world; it’s more likely the storm clouds are gathering.
In an ideal world, capital would flow into productive assets—companies that build things, invent things, change the world. But alas, these days it seems investors are instead gravitating to these dull, albeit precious, rocks and numbers. Ah, the power of artificially inflated capital costs, how they distort the once golden rules of investment!
And let’s not forget the “big beautiful bill” passed on July 3, which ignited this most recent rally, propelling Bitcoin by a cool $15,000. But what’s this? The U.S. interest rates remain higher than an elephant on stilts, according to The Kobeissi Letter, which has led to Bitcoin’s entry into what could only be described as “crisis mode.” Meanwhile, the dollar index has dropped by 11% in just six months, and tariffs have been delayed in a way that suggests a rather long, drawn-out soap opera of U.S.-China trade negotiations. The U.S. military strikes on Iran haven’t helped matters either, with a sense of geopolitical volatility sweeping through the markets like a particularly intense episode of the Game of Thrones—except with a lot more spreadsheets and less dragon fire.
And then there’s the $316 billion budget deficit in May. Yes, you read that correctly. A deficit so large it could make a grown man weep, or at least question the very foundations of fiscal responsibility. What does it all mean? Simply this: the world is in the midst of an economic circus, and Bitcoin and gold are the clowns everyone is turning to for comfort.
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2025-07-14 12:35