Bitcoin News Update- The prices of major cryptocurrencies are likely to skyrocket. This possibility could be triggered by easy money and trade wars transforming the digital currencies into the “safe heaven.” Previously, the US treasuries and gold were the popular secure stores for wealth. Asset investors use them to store their wealth during negative events such as trade wars. Recently, gold is losing its shine as a safe haven. This drawback resulted from the high carry cost and a strong dollar.
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Though the US Treasuries still serves as a safe haven, the US-China trade war may affect them. There is a possibility that the market which is at the risk of a China sell-off may crash. China holds over one trillion dollars of the market and may use it against the US in the ongoing face-off between the two countries.
Considering the market and exchange risks, the major cryptocurrencies remain an ideal alternative to the US Treasuries and gold. However, some experts disclosed that trade war propelled major digital currencies to the status of new haven. According to them, it has increased uncertainties and global risks.
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A venture capitalist with New York Angels, Nisa Amolis, is among the experts. Amolis pointed out that the deteriorating global macro backdrop is the major catalyst that promotes the cryptocurrencies especially the Bitcoin as a new haven. The situation also supports the decentralized transactions on the Ethereum platform. Besides, Facebook’s Libra and infrastructure build-out has recently validated space in the market.
Amolis predicts that Bitcoin is replacing gold as a safe haven. Amolis disclosed that Bitcoin has become the digital gold with emphasis on this week’s market chart for both Bitcoin and gold. She pointed out the similarity between the price patterns of both charts. She also revealed that the fears of the crash of the US equity bull market boosted a shift of attention to Bitcoin. Also, the banking problems in Europe and China and Europe currency manipulations contributed to this recent development.
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The Vice President of Metals.com, Deric Scott, is among those that disagree that Bitcoin is the new gold. According to him, gold has enjoyed universal acceptance globally as a currency for almost 6,000 years. He disclosed that its anonymity and tangibility makes it an ideal option for individuals who want to maintain their privacy.
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He also pointed out that the transactions involving gold don’t depend on the internet. Even when Wifi is unavailable or power is out, gold will still be accessible. Unfortunately, you can’t access your cryptocurrency wallet when you are off the grid. Besides, gold is an ideal way to store wealth considering its approximately 450% continuous increase in the dollar since the year 2000.
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The persistence of trade wars can further boost the use of both gold and Bitcoin to store wealth. Easy money also has some roles to play. Besides, the limited supply of the digital currency can be an advantage as the action of Central Banks can cause their prices to surge to new highs.