Global economic uncertainty is currently ongoing mainly thanks to the trade war between China and the United States. However, this market situation turned out to be great for bitcoin since it increased in price by more than 30 percent in less than two weeks against the USD as we are reading today in the latest cryptocurrency news.
The fundamentals such as the hash rate of the BTC blockchain network are still pretty strong despite the crisis as a result of the trade war. The founder and CEO of Global Macro Investor and Real Vision Group Raoul Pal stated that bitcoin ‘’is doing its job’’ just like the gold as an alternative store of value during the global economic uncertainty. According to him, over the past few months, Bitcoin has been operating as an alternative store of value and it has seen some steady inflow of capital from major investors such as Greyscale and other big companies which most of them were based in the US, Japan, and South Korea. Pal said:
“And bitcoin is doing its job of suggesting an alternative system is gaining in probability (it trades like call option on a new system, in my mind). The price moves are so enormous (and thus the increase in probabilities are so fast) that you have to use log charts.
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’’
The high profile investors noted that the increase in price for bitcoin is coming in a period when the investors are looking hard for multiple methods to protect their holdings from the geopolitical risks. Pal stated as well”
“You get the picture. Sadly, we are at one of the biggest junctures for markets in history. You may disagree with my assessment of the odds. It doesn’t matter. But you simply cannot ignore the risk. Bonds. Dollars. Bitcoin and Gold. Thanks for paying attention.”
Pal was not the only one who noted the ongoing global economic uncertainty. Mike Novogratz, the popular Bitcoin bull and CEO of galaxy Capital noted that the currency crisis could improve the narrative of Bitcoin as a store of value, as we read in the altcoin news previously:
“The only manipulating China is doing to the RMB is keeping it stronger. If they truly let it float and removed capital controls, multiple trillions would leave.
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Long BTC.’’
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