Will Bitcoin's price surge on the back of world tensions?
Will Bitcoin's price surge on the back of world tensions?
US-Iran Tensions to Drive Bitcoin Price Even Higher
11 January, 2020, 00:30
For cryptoasset to appreciate in the future, he wrote, the rapidly rising supply of new coins will need to drop, as previous year a total of 3,000 new cryptocurrencies entered the market.
This selling pressure ultimately lead the cryptocurrency as low as $6,800 before the huge buying pressure that existed in this region threw BTC into a firm uptrend that ultimately led its price to climb as high as $8,400.
He also claims that in 2020, Bitcoin price is likely to incline towards its 2019 record-high amount of fourteen thousand U.S. dollars ($14,000) and wouldn't trade below the trough set at three thousand three hundred United States dollars ($3300).
This latest Bitcoin price increase underscores a growing consensus that Bitcoin is becoming a safety flight asset, Green said.
There has been considerable debate in recent years over whether Bitcoin is a safe haven that can be compared to gold or silver. For instance, in August it jumped as global stocks were rocked by the devaluation of China's yuan during the trade war with the US.
Moreover, the escalating gold prices should also compel people to move towards Bitcoin as consider it a much profitable investment, he speculates. "Bitcoin, which shares the characteristics of gold as a store of value and scarcity and of being perceived as resistant to inflation, could dethrone gold in the future as that the world be digitized more and more". That is the opinion of Nigel Green, the chief executive and founder of deVere Group, one of the world's largest independent financial services and advisory organisations.
The concerns surrounding the geopolitical issues, such as the U.S-Iran tensions, amongst others, could potentially lead to more institutional and retail investors diversifying their portfolios and hedging against such risks by opting to invest in cryptocurrencies.
In a tweet, Rekt Capital outlined the historical price movement of Bitcoin with respect to the various halving periods.
One of the most remarkable events in the crypto space took place in the first half of 2019 when Bitcoin (BTC) went on a remarkable rally that nearly mirrored the rally from 2017.
As is known, this year is very important for Bitcoin. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers.
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