There has occurred a lot of excitement continuing for conventional and crypto markets, with Bitcoin climbing for the first time in months and crypto investors leaping at the event.
Nigel Green, CEO, and founder of financial consultancy firm deVere Group discussed Bitcoin’s bullish traction on the crypto market and clearly stated on his Twitter platform that the cryptocurrency was conceivably going to “knock gold from its long-held position” of obtaining a safe-haven asset. On conventional stock markets, when stocks drop in value and inflation rises, the trend resembles to be to invest in gold, seeing as it is regarded as a safe investment.
Green, moreover refined and tweeted that the Bitcoin value on the trading market was “surging in tandem with gold on US-China tensions.” As sociopolitical pressures and power conflicts are elevating between USA and China, the world’s two most extensive economies, Green is assuming that there is a lot of potential of Bitcoin bullishly rising even more, if new crypto investors and verified BTC bulls brought circumstances into their own hands and deviated from common stocks.
As if to confirm the fact following his educated comment, it seems that investors are very much branching out from traditional stock markets, with the global economy going downhill due to the continuous pandemic and political conflicts. BTC consequently, may appear to many be more and more of a safe-haven asset.
The Towering Gold Market
The price of gold has also been intensifying, much to experts’ surprise. A lot of financial investors are recognizing that this event may be due to the worsening of the US-China deal and political pressures. Others stared at the economic motive improvement that the US plans on achieving and steered to the drop of the US dollar due to mass money printing as an interpretation. Investors may, accordingly, utilize more to gold and Bitcoin as hedges, following in a surge in price for both financial assets.
The jump in gold appeared as a blow to several investors and is considered as important, because stock prices had also intensified recently, after a recent dip early March when COVID-19 began circulating across the US.
Regularly seen as a refuge when stocks are slumping or when inflation is expanding, the rise of gold appears as a shocker for most investors, because none of the two named events are currently occurring.
Team Gold for the Win – Peter Schiff
Peter Schiff, Gold-investment analyst, and Euro Pacific Capital CEO does not seem to give Green’s opinions on Bitcoin being a safe-haven asset, as the investor has long been recognized to be “team gold.” Last July 27, he tweeted that in light of COVID-19’s and the economic defeat resulting from it, the US Federal Reserve “will keep printing dollars until the dollar crashes.” In his judgment, gold investors are fully conscious of this mass printing tactics and so and so gold will keep on rising.
As for Bitcoin, since its current surge past the $10,000 checkpoint last Monday, crypto investors are now excited in seeing the cryptocurrency enter the next mark – set at a crucial $10,500.