Bitcoin’s latest moonshot to a new 15-month high has not just left the gold market in its dust, but also the nascent cannabis market.
Bitcoin Vs. Cannabis: The Grass Is Always Greener
Data comparing Bitcoin price 00 with the global cannabis market, confirms a trend which will likely bring enthusiasts back down to Earth. The emerging cannabis market, which Bloomberg described as ‘the next big thing‘ earlier this year, has started wilting over the last quarter while the price of BTC keeps getting higher.
This week, the trend came to the attention of Todd Harrison, the CIO and founding partner of CB1 Capital. CB1 Capital is an investment advisory company which focuses exclusively on cannabinoid-based solutions.
— Todd Harrison (@todd_harrison) June 25, 2019
Despite being an obvious bull for medical cannabis and the associated relaxation of regulations surrounding the industry, even Harrison appeared keen to highlight Bitcoin’s attractive performance compared to the BIGLCBCP index.
As of June 25, the latter was trailing at $177, having reached $230 in March. At the same time, BTC/USD continues to expand, as Bitcoinist reported, reaching 15-month highs over $11,350 Monday.
“May was a sloppy month for the cannabis complex, as evidenced by the 15% decline in the BI Global Cannabis Competitive Peers Index,” Harrison wrote about the current cannabis price in a blog post published June 18.
“We have been told that there was forced selling, or liquidation, in the cannabis space during the month, which squares with the price action.”
Not everyone agrees. In February,