Bitcoin News Today – Bitcoin (BTC) has been a great investment option over the past years. Since its emergence, many investors have chosen it over other investment options and stocks. However, not everyone is comfortable with it because of its high volatility. Nevertheless, Bitcoin is now the number one option for many retail investors due to the trade war between China and the United States. According to financial analysts, many retail investors are now running to Bitcoin (BTC) as a safe haven against macroeconomic turmoil in the US-China trade war.
Bitcoin News Today – Data from eToro reveals a Significant Uptick of Position in Bitcoin (BTC) and Gold – Bitcoin Latest News – Cryptocurrency News Today
According to data from eToro, there is a correlated uptick in Bitcoin (BTC) and gold positions on the platform. eToro is a social network and multi-asset investment platform based in the UK. This significant change was noticed after the announcement of intensifying trade tensions between China and the United States of America.
Over the past centuries, gold has been regarded as a hedge against geopolitical instability and macroeconomic. However, according to data from eToro, many investors are now running to Bitcoin (BTC) as a safe haven in times like this. Digital asset investors consider Bitcoin (BTC) as a digital gold and store of value. Hence, they trust the digital money just the way they trust gold.
Bitcoin (BTC) Price Today – BTC / USD
in a statement, Simon Peter – an analyst at eToro United Kingdom – said:
“Bitcoin (BTC) has similar characteristics to gold in that there will only ever be a finite amount in existence (21 million), it is decentralized, its price is not affected by inflation, and it has the added benefit over gold of lower storage costs.”
Bitcoin Is Gaining More Traction as a Secure Store of Value
There are still a series of factors hindering the global acceptance of Bitcoin (BTC) and other coins as a sure-fire hedge, according to Peters. However, the digital currency is continually gaining grounds and it might break through soon.
According to a report by Cointelegraph earlier this month, there is new data from Bloomberg showing that the correlation between gold and Bitcoin (BTC) had almost surged by 100 percent in the last three months. This doesn’t come as a surprise to many crypto enthusiast. Bitcoin (BTC) is currently serving as a safe haven for many investors and this would significantly boost the relevance of the digital currency.