Fundstrat Analyst Says Coronavirus Crisis May Strengthen BTC

Are you wondering what has been driving the recent Bitcoin price action? Well, according to a Fundstrat analyst who is now viral in the cryptonews, the coronavirus crisis may be the thing that will strengthen Bitcoin (BTC).

The Lead Digital Strategist at Fundstrat named David Grider along with the Platinum Account Manager at eToro Simon Peters have broken down the next move of Bitcoin, and talked about how the coronavirus and financial crisis may impact the halving – as well as how the fundamentals behind Bitcoin will affect its long-term prospects.

BTC has experienced a massive amount of volatility over the past two weeks amidst the entire coronavirus pandemic and global financial crises. One report from Chainalysis found that professional traders and investors were the actual drivers behind the recent major proce movements, even though they moved only about 5% of the total supply of Bitcoin.

The Fundstrat analyst knows this, and has spoken about it.
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He reminded the public that traditional or institutional players are not the only ones who can drive the market with high volume trades, and said:

“I think that probably you’ve seen an onboarding in 2016/2017 of a traditional, probably institutional, fund class to some degree but not very large, right. But still prior to that this was a very small market and I think that it’s still probably mostly dominated by early larger crypto whales, right.”

On the question how can the coronavirus crisis strengthen Bitcoin, Simon explained that the shedding of weak hands could allow the dominant coin to eventually evolve into a hedge asset, saying:

“We’ve seen this conversion of assets into cash, regardless of which market it is, but there will come a point where, due to this increasing amount that’s been pumped into the system, the cash is going to lose its value. Then as the virus no doubt stems down and the number of new cases that are being reported tails off, the question to investors then is, ‘what do I do with all this cash that I have?’ And then they may look into other assets that can hedge against that, essentially, with crypto possibly being one of them.”

For more information about the price of BTC, check out our Bitcoin price news today!