Cryptocurrencies and the Bitcoin were pushed to the mainstream. Despite their volatility, it is now being suggested that these might be safe haven assets.
Nigel Green, CEO of deVere stated recently, “We are already seeing that the U.K. and international investors in U.K. assets are responding to the Brexit-fuelled uncertainties by considering removing their wealth from the U.K.,” said Green. “One such way that many are looking to diversify their portfolios and hedge against legitimate risks posed by Brexit is by investing in crypto assets, such as Bitcoin.”
However, the consensus in the 1000-year-old value of gold, diamond, and paper money are explored for weak points to replace it with ideologies of cryptocurrency.
The price of the Bitcoin is currently touching $10,000. This is happening at a point where several naysayers felt that Bitcoin would never be back to its normal from its deep fall.
The short-term prospects hold a mixed opinion. There is a FOMO about the BTC/USD crossing the $10,000 mark. A recent prediction by Tim Draper states the price of the Bitcoin can be $250,000 by 2023.
While gold is a non-yielding investment, the lower interest rates are making gold far attractive. The announcement of Facebook currency Libra had the price go way up. A supply shock is expected in 2020 after the supply of Bitcoin will be cut to half overnight. The price of the Bitcoin has gone up by 160% since the beginning of this year. We are now in a new bull market with the Bitcoin.
The new all-time high set by Bitcoin is shocking. The early progression is usually slow. Further growth with progress in a parabolic trend. It now sees that “[In a bull market] bad news no longer matters and every dip is met with eager buyers who are looking for suitable entry points into #Bitcoin.”
For many who invested when Bitcoin was at $20,000, the $9,000 price is still low.
An important news source reported, “Very few people correctly anticipate how high the market will go and most will be shocked by the final peak. This is the bull market when #Bitcoin achieves geopolitical significance so that everyone will be watching. The feeding frenzy may be like nothing we’ve ever seen.”
There is some sloppiness seen in the trading, and this is indicative of a significant reversal coming. Major price gaps are likely to be seen between exchanges.
Tom Less also opined that Bitcoin would easily create new highs.
By DAN SAADA