Analyst Predicts That Bitcoin Will Mirror Gold’s 2008 Boom: Can Bitcoin Take Over Gold as a Haven for Investment?

Bitcoin News Today – “Bitcoin is here to stay. Long term it will be part of a lot of hedge fund portfolios.” Schiff Steinbrugge stated in an interview with Bitcoin advocate Anthony Pompliano, in the interview he defined the cryptocurrency as a “fantastic technology.” He also applauded Bitcoin as a hedge against inflation. He indicated that currently, BTC was “fairly expensive,” and quite difficult to predict because of its recent fluctuating market value.

Bitcoin News Today – Bitcoin Latest Update – BTC News Update – Businesses Stand for BTC As An Asset Haven

Certainly, many observers view Bitcoin’s current price rally as a reply to the insistent worries encasing the recent trade war between the U.S. and China. Presently, the trade war threatens to roll over into financial policies, further stimulating the hesitation of traders. As predicted in the last BTC price prediction, throughout the cycles of financial insecurity, the values of both gold and Bitcoin have surged by the trade war boom.

From the latest BTC news update, the Bitcoin price bull continues since April. Recently there have been speculations about the currency being a haven for an asset like gold. Many enthusiasts, analysts, traders, and investors have come out to say their opinions on the speculation.

A move into Bitcoin for investors looking for a hedge against inflation ensuing, this development sprang up specifically because of the need to leave the Chinese yuan. Circle CEO Jeremy Allaire, as well as several consultancy executives, are in on this movement. While others stay faced, Peter Schiff is in this category, he believes that gold is far superior as an investment than cryptocurrency. He stated in an interview: “The Chinese aren’t buying Bitcoin as an asset haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”

Bitcoin News Today – There Is A Possibility of a Replay of Gold 2008 Financial Crisis by BTC/USD – Dan McArdle, co-founder of Analytics Firm Messari

There are possibilities of a temporary significant decline in Bitcoin price before witnessing a remarkable surge to new peaks, one of the cryptocurrency industry’s best-known researcher says. Speaking on the recent Bitcoin’s value versus gold topic, Dan McArdle, co-founder of analytics firm Messari, stated that there is a possibility of cryptocurrency taking over gold in the future. This, he said in the comments section on his page on August 7, 2019, he believes that there might be a repeat of the gold 2008 financial crisis by BTC/USD.

McArdle referenced comments made by Raoul Pal on gold. Raoul Pal is a sequential asset manager who just reported a resilient viewpoint for both bitcoin and gold on the Stephan Livera podcast. The referenced comment went thus: “Initial spike on fears of crises, big fall as liquidity crises sets in, followed by [an] even bigger rise as real debt/sovereign/currency fears take hold.”

On the issue of Bitcoin taking over gold as an investment asset, he stated that markets were already making arranging for the dollar surge to a sudden end.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,485.98
-6.89%

He questioned when it will happen though. He tweeted, “Gold is rightly doing its job, sniffing out a BIG problem and is exploding higher, outperforming even the super-strong dollar as gold begins to price in an end game of an eventual MASSIVE readjustment of the dollar (in 12 months? 18 months?).” Gathered from a PwC’s 2019 Crypto Hedge Fund Report, there are over 150 active crypto hedge funds, jointly including USD 1 billion in Assets under Management (AuM). These assets are excluded from crypto index funds and crypto venture capital funds.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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