Bubbles or Regime-Switching in Gold and Bitcoin?
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I don’t have the answer, but the two series do make quite a picture (all in logs since five years ago):
Figure 1: Log difference from 6/29/2021 in bitcoin (green, left scale), in gold (blue, right scale). Source: TradingEconomics.com.
On equities, note the Nasdaq is down, while the SP500 is below peak, but not yet falling drastically.
Figure 2: Log difference from 6/29/2021 in Nasdaq (green), in SP500 (blue). Source: TradingEconomics.com.
For economists, a bubble occurs when the price d
Figure 1: Log difference from 6/29/2021 in bitcoin (green, left scale), in gold (blue, right scale). Source: TradingEconomics.com.
On equities, note the Nasdaq is down, while the SP500 is below peak, but not yet falling drastically.
Figure 2: Log difference from 6/29/2021 in Nasdaq (green), in SP500 (blue). Source: TradingEconomics.com.
For economists, a bubble occurs when the price d
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