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"Buckle Up" For Bitcoin's Next Bull Run, Cameron Winklevoss Says

Gemini CEO and co-founder Cameron Winklevoss believes that the next Bitcoin bull run coming up will be “dramatically different,” due to the innovative financial resources that crypto investors have access to nowadays and to the current economic infrastructure.

Winklevoss Anticipates Next BTC Bull Run

Compared to previous bull markets, the billionaire crypto philanthropist said that with the rise of infrastructure, the influx of capital, and better projects at hand, Bitcoin (BTC) is set for its next bull run:

“The next Bitcoin bull run will be dramatically different. Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!”

The Winklevoss brothers are on the same page regarding Bitcoin. Last week, Cameron’s twin brother and co-founder of Gemini, Tyler Winklevoss, commented on the US Federal Reserve’s economic stimulus strategy having a positive impact on Bitcoin and its pricing on the crypto market. Winklevoss stated that the Federal Reserve had set the stage for BTC’s next bull run. He referred to the fact that the US government is actively printing money in bulk in order to deliver an economic stimulus package to its citizens, to provide pandemic relief.

Americans Use First-Time Stimulus Check for BTC

What seems to be interesting however, is that according to a report by Coinbase CEO Brian Armstrong, instead of using their funds towards goods and services, many Americans directd their first-time stimulus checks of $1,200 towards investing in BTC funds.

So despite coronavirus and the economic downfall happening worldwide, things appear to be looking up for the cryptocurrency market. Data points hint that crypto investors’ capital have been on the rise. Furthermore, with the increase in regulatory policies and the clarity of them, the infrastructure of the crypto market has been improving considerably.

Why Was More Money Involved In the Last BTC Rally?

Researchers looked at two key points to explain why more money has been involved in the latest Bitcoin rally, where the dominant cryptocurrency underwent a huge surge.

First of all, Tether(USDT), the market capitalization of Tether, the biggest stablecoin on the cryptocurrency market, has surpassed $10 billion in assets. Secondly, Grayscale Investments, the big-time cryptocurrency investment firm, has recently achieved a new high in the Assets Under Management (AUM) department.

Stablecoin Tether On Top of Its Game

Tether has been up to now the biggest stablecoin on the crypto market. Investors worldwide have therefore relied a lot on the stablecoin to trade crypto. Countries with poor regulatory policies revolving around cryptocurrency regulation have favored Tether, as it is a stablecoin. With the rise in market cap of Tether to $10 billion, this may mean that cryptocurrency exchanges might be on the brink of a huge money influx, with more funds being used on them.

As to further explain why more money has been involved in the latest BTC bull run, researchers turn towards Grayscale’s crypto-asset trusts as an explanation. The crypto asset trust funds of the large-scale investment firm are arguably the most utilized investment vehicles employed by businesses and networks looking to gain exposure to cryptocurrencies.

Grayscale Investments Reaches $5.1 Billion

Recently, the assets under management by Grayscale Investments have achieved a new record, reaching an all-time high of $5.1 billion.

On the subject matter, CEO of Grayscale Investments, Barry Silbert, said that Bitcoin has too much support from US government officials to ever be dismissed and shut down. The CEO thinks that blockchain firms’ success with regulatory policies put forth by officials can be attributed to pro-blockchain groups, such as Blockchain Association. The latter is a group who has advocated for digital firms by appealing to the US Securities and Exchange Commission in the past.

Silbert thinks that the blockchain industry has come a long way, with more and more investors looking at Bitcoin as an interesting hedge. In a Twitter post, he spoke about his own personal experience with his cryptocurrency investment firm. Silbert said that in 2013, when his company launched a Bitcoin investment fund, everyone thought they were crazy. “Well, look at us now…,” he added.

This Week’s Bitcoin Bull Run

Overall, projects and companies in the Bitcoin and crypto industry seem to be increasing in quality. With the latest Bitcoin rally that happened earlier this week, there seems to be an indication that the cryptocurrency industry is on the rise. Bitcoin surged past the $10,000 mark on Monday, creating a buzz in the financial industry.

CEO of financial consultancy firm deVere Group, Nigel Green, was even bold enough to state that the cryptocurrency is set to potentially “knock gold from its long-held position” of being a safe-haven asset.

Image source: Shutterstock

Bitcoin Bull Run Ahead? Understanding the Factors Driving Bitcoin's Price Growth

Bitcoin breached its key resistance of 7,300$ today. Block halving, change in economic supply and an Ichimoku Kumo twist are driving the price forward, let’s take a look into how these factors are going to affect the price of bitcoin ahead.

1. Bitcoin Monetary Supply

The economics of the bitcoin system is computerized and thus we have knowledge about Bitcoin issuance over a period of time. This helps us understand the inflation rate of Bitcoin, its circulation in the open market, and how it would impact the price.

Source: bitcoinblockhalf.com

2. Bitcoin Supply Economics

Total Supply: 21,000,000 Bitcoins to ever be produced

Block Interval: 10-minutes time difference between each block.

Block Halving: Every 210,000 blocks or approximately every 4 years.

Change in parameter: Requires all Bitcoin participants to agree by consensus to approve the change.

Reduction in supply and block reward indicates that the inflation rate of Bitcoin is going to reduce significantly. This reduction in price leads to an increase in the value of each bitcoin, further based on historical price analysis we can see that Bitcoin has always rallied due to a halving changing its supply economics.

3. Bitcoin Historical Price Movement

What Bitcoin will do in terms of pricing for a halving event is always a question for everyone. Experts believe that halving is already priced in by the market and thus there’s no expectation for the price to do anything. Others believe that due to price equilibrium, a halving of supply should cause an increase in price if the demand for Bitcoins is equal or greater than what it was before the halving event. The chart below provides a historical analysis of bitcoin’s price movement.

Source: bitcoinblockhalf.com

4. Ichimoku Cloud Twist

Ichimoku Kumo has turned bullish which means that the sentiment of the market has turned bullish, whenever Ichimoku cloud turns bullish bitcoin sees a continued bullish momentum.

With 18 days to halving, this is a very good sign for the market. Tenkan-sen is also supporting the price, indicating bullish momentum. Tenkan-Sen, also known as the Conversion Line, is the mid-point of the highest and lowest prices of an asset over the last nine periods. The Ichimoku cloud is a colored part of the indicator indicating a change in market trend which helps to identify the market trends.

The RSI also known as Relative Strength Index is a momentum indicator that measures the volatility of recent price changes to evaluate and identify overbought or oversold conditions. The RSI is displayed as an oscillator which line graph and reading between 0 to 100. Bitcoin RSI index is currently ranging between 60 to 40 and is showing a momentum towards 100. This means that the price is still not overbought and has room for an upward movement.

Strong fundamentals are driving bitcoin’s growth. With a reduction in inflation, the price tends to move towards the equilibrium, and movement towards equilibrium indicates a bull run. These factors are going to drive the growth of bitcoin’s price on a larger timeframe.

Image via Shutterstock

Goldman Sachs' Yuan Crash Forecast Could Affect Bitcoin Price, Bull Run Ahead?

Goldman Sachs is expecting the Chinese yuan to fall to its lowest since 2008 in the coming months due to the existing US-China trade war, and now the US potential sanctions on China over its feud over Hong Kong.

US President Donald Trump has announced earlier that he will be looking to end preferential treatment for Hong Kong in terms of trade and visa-free travel, due to the new security law for Hong Kong approved by Beijing.

The yuan has been forecasted by Goldman Sachs to fall to 7.25 per dollar during the next three months before recovering to 7.15 per dollar over six months, then to 7 per dollar in the next year. As the firm sees the yuan falling to its 2008 low, the potential for Bitcoin to experience an explosive price rally has been raised.

“Disputes between the two countries now cover a range of issues that are unlikely to be resolved soon,” wrote Goldman strategists, including Zach Pandl. Due the tolerance from the Chinese central bank on gradual currency depreciation, the strategists added, “As result, we expect ongoing capital outflow pressures to weigh on the exchange rate and are revising our dollar-yuan forecasts higher.”

Bitcoin comes in for people who are looking to bypass China’s strict capital control over sending money offshore. China has previously banned Bitcoin trading as well as trading of other cryptocurrencies, although the development of blockchain has been widely praised in the country.

As a recession is widely expected for China as well as the rest of the globe, Bitcoin could become a safe-haven asset for most, and Bitcoin would be expected to run a bullish track in the coming months.

China passes civil code allowing inheritance of crypto

At the Thirteenth National People’s Congress held in Beijing China, the parliament passed a new civil code that protects the civil rights of inheritance, marriage, property, personality, and contract infringement.

According to Lixin Yang, a professor at Renmin University of China, the civil code states that “When a natural person dies, the legacy is the personal legal property left by she/he.”

Personal legal property in this case also means “internet property” including virtual currencies. Chinese citizens will be able to leave their cryptocurrency and virtual assets to their heirs, coming into effect on January 1, 2021.

Chinese government to consider cross-border stablecoin for Hong Kong

Chinese officials are to consider a cross-border Asian stablecoin in Hong Kong, to facilitate a cross-border payment network between three Asian countries, and four currencies – China, Japan, South Korea, and Hong Kong. The world’s second-largest economy is aiming to build Hong Kong into an international financial center in the digital economy era.

Neil Shen, also known as Shen Nanpeng, member of the National Committee of the Chinese People’s Political Consultative Conference and managing partner of Sequoia Capital China will submit five proposals to the two sessions this year. One of the proposals includes the innovation and technology development of the Greater Bay Area, which he has submitted consecutively in the past three years.

In Shen’s proposals, he suggested a Hong Kong-based cross border stablecoin, as a foundation for a cross-border settlement network between China, Japan, and South Korea as well as the special administrative region.

JPMorgan and CNBC Jim Cramer Predict S&P 500 to Rally to New Highs, Bullish Bitcoin Trend to be Expected

JPMorgan predicts that equities could rally 47% from here, after its 40% rebound from its lows in March, hinting at a possible Bitcoin bull run. Strategists at JPMorgan recently suggested that Bitcoin successfully passed its “first stress test” during March’s global economic turmoil.

Bitcoin bull and CEO of an investment firm Dan Tapiero presented a note, quoting that JPMorgan analysts used equity position metrics to look at valuations of equities by checking the size of the bond and cash “universe.”

With the global economy deteriorating, the US has put a $2 trillion stimulus package in play with the belief that they can endlessly print more cash. The market jumped around 3% this week on the announcement that the Federal Reserve would buy corporate bonds to support the economy’s recovery from the coronavirus lockdown.

With the amount of cash in the system increasing due to central-bank buying, equities are yet to find itself in the spotlight. The report added:

“With some of the previous pockets of overextension clearing, we believe than an overall favorable equity positions backdrop will re-assert itself rejuvenating the equity bull market.”

JPMorgan analysts believe that there is “plenty of upside for equities over the medium to longer term.”

Tapiero suggested that this could be a signal for an upcoming bullish trend for Bitcoin price and gold, due to the fact that some excess cash in the investor’s reserves could go into gold and Bitcoin instead of its traditional counterparts, including equities.

CNBC host Jim Cramer analyzed a chart analysis from market strategist Carley Garner regarding the possibility for the S&P to break through its record high of 3,400 when the US recovers from the coronavirus pandemic. Cramer said:

Source: CNBC

“The chart suggests that new highs could be on the table. I think Garner makes a persuasive case, just don’t get too comfortable. If the S&P 500 really does surge to 3,400, up 9.1% from these levels, maybe take something off the table,” indicating the selling of stocks to protect the gains.

Bitcoin’s first stress test

JPMorgan has been known to be a Bitcoin critic, but recently changed its tone towards Bitcoin after strategists at the bank said Bitcoin rarely deviated from its intrinsic value or mining cost in the past few months.

Bitcoin price proved its resilience as it outperformed other traditional assets, including forex, equities, treasuries, and gold, according to JPMorgan. Bitcoin’s recovery was much faster than the other asset classes, seeing as traditional asset classes have yet to recover. The strategists added:

“That cryptocurrencies largely survived the stresses of March point to longevity as an asset class, but price action points to their continued use more as a vehicle for speculation than a medium of exchange or store of value.”

Chainlink’s LINK Crypto Price Surges to a New All-Time High, Signaling a Strong Altcoin Season

Chainlink has surged to an all-time high, $8.48, as recent new partnerships have instigated its bull run. Likely factors that pushed the crypto into its strong momentum were recent high-profile partnerships, price discovery, and the strong altcoin market.

Chainlink (LINK) has reached its risen by more than 34%, reaching its new all-time high and a market capitalization of $2.5 million. A week earlier, on July 6, LINK’s price also hit a record high at $5.31, which at the time, entered a price discovery phase which led to a new rally among investors.

Cane Island Digital Research previously analyzed LINK and predicted that the cryptocurrency would reach $8 by December 2020, and LINK has already exceeded this expectation.

Chainlink has been one of the major beneficiaries of the rise of decentralized finance (DeFi) in 2020, has it has been chosen to provide decentralized oracles services to a range of applications.

Chainlink’s recent surge in partnerships caught the eye of former NBA player

Chainlink recently partnered with crypto lender Nexo, a platform that has over 800,000 users who will implement the Oracle solution presented by Chainlink. Nexos provides loans in US dollars, and other currencies backed by digital assets. With this partnership, Nexos would be able to use Chainlink price feeds to ensure borrowers have enough collateral to secure their loans.

According to former NBA player Kris Humphries, since April 7, Chainlink has had over 45 additional partnerships — including with China’s Blockchain Service Network (BSN). Humphries made a comment saying that in a world that “increasingly relies on data,” Chainlink would be influential in transitioning the world to decentralized and blockchain-based systems.

China’s Blockchain Service Network integrated Chainlink Oracles into its ecosystem. According to Yifan He, CEO of Red Date Technology and BSN co-founder, Chainlink was initially the top choice for BSN; however, the network was convinced by the strength of Chainlink’s community and team.

Recently, Cardano’s ADA cryptocurrency has also surged dramatically, reaching a two-year high on July 8. The recent surge in ADA price has pushed rankings up, surpassing Chainlink’s LINK, and VeChain’s VET. While its market capitalization remains lower than Bitcoin and Ethereum, Cardano’s ADA has surpassed Bitcoin Satoshi Vision (BSV), which currently ranks the seventh.

Worries of a dump ahead

Whale alert tweeted today regarding 1 million LINK tokens, worth almost $8 million, were transferred from an unknown wallet to Binance. In a previous tweet, Whale Alert also found that another 1 million LINK tokens were transferred from Nexo to an unknown wallet.

The crypto community on Twitter has been worried about a possible dump, saying that a dump could be coming and that the rally was nice while it lasted.

Gemini Co-Founder Winklevoss Thinks BTC Is Set For Its Next Bull Run, With the Fed's Money Printing

Co-founder and CEO of Gemini crypto exchange Tyler Winklevoss thinks that the US Federal Reserve’s economic stimulus strategy would positively impact Bitcoin and its pricing on the crypto market.

Winklevoss Likes That the US is Printing Money

On July 22, the Bitcoin investor tweeted on his social platform:

“The Fed continues to set the stage for bitcoin’s next bull run.”

He referred to the Federal Reserve’s ongoing search for a key strategy that would help in salvaging the economic repercussions caused by the pandemic and the solutions that the US have been considering.

The Winklevoss twin thinks that with the Federal Reserve printing money in the goal of delivering an economic stimulus package, this financial phenomenon only means good things for Bitcoin (BTC). In fact, Winklevoss thinks that the more the Federal Reserve prints fiat, the more it will drive up the price of BTC on the crypto market. Also, with the current economic turmoil, investors will be more motivated with looking at Bitcoins as an alternative investment solution, in comparison with traditional mainstream markets and fiat dollars.

COVID-19: A Puzzle US Economists Are Working On

In light of the pandemic, the United States government has been scrambling to figure out when to roll out stimulus checks and what the best stimulus package would be. Economists have long used alphabets like V and U when describing successful economic recoveries. However, with the pandemic downturn being truly a one-of-a-kind case scenario, economists are now saying that they may need to use new shapes to illustrate the potential recovery process.

Despite all the frenzy caused by COVID-19 and the worldwide economy taking a huge hit, Tyler Winklevoss puts a positive spin to things. The philanthropist tweeted:

“When money printer go brrrr and inflate the stonks market, it’s time to bitcoin.”

Tesla CEO Not with Winklevoss On Stimulus Money

Not everyone shares the Gemini co-founder’s positive views, however. Elon Musk, though claiming to own a bit of Bitcoin himself, did not publicly comment regarding the parallel between Bitcoin and US central bank’s stimulus support strategy.

The Tesla CEO however did appear on Joe Rogan’s podcast channel earlier this year and shared his two cents regarding the US’ strategy for stimulus money printing. Musk reasoned that given the fact that the US is endlessly printing stimulus money to give back to Americans and small businesses operating in the country during the lockdown, the American population might start taking the stimulus situation for granted and view the government as an endless source of financial support.

In that sense, he fears that key considerations resulting from the pandemic, such as loss in production and rising unemployment, may not be taken seriously at all and may occupy a backseat role.

USA Proceeds Forward with Stimulus Package

Federal Reserve officials are planning on moving forward with the economic stimulus, and they are expected to discuss policies pertaining to the topic next week. However, they have expressed their flexibility in leaving the economic policy on hold, as they are still constantly uncovering new information about COVID-19’s impact on the US economy.

Ether Surges Ahead of Bitcoin and Sets the Record for 2020

Ether has been having a solid run this year. Once again, it has managed to steal the headlines this week, and is ahead of its rival, Bitcoin.

Ethereum Rises to Prominence

Ether (ETH) underwent a 20% surge, and the increase in pricing can be attributed to the rising popularity of DeFi applications and the resulting number of dividends pay-outs. This is exciting for the crypto community, as Ethereum has not seen the time of the day since its early 2018 crash.

Also, until recently, it has been seen to be trailing behind its counter rival Bitcoin on the crypto markets. But 2020 appears to be the year that revolutionizes it all for Ethereum.

BTC Falls From Grace

Bitcoin (BTC) has been having a hard time and has up to now been bearish on the market. However, it was reported this week that Bitcoin rose to its highest price in a month. Before that, BTC’s trading value was stagnant, partly due to the European Union’s agreement of delivering a coronavirus stimulus package earlier in the week. Despite BTC doing a bit better, its price is still plateauing below $10, 000, which is a disappointment for a lot of crypto enthusiasts.

Binance CEO CZ Comments on BTC

Crypto traders are also worried about BTC, as expectations were set higher for the cryptocurrency. In a report earlier last week, Binance CEO Changpeng Zhao (CZ) confided in Bloomberg and told them that he was worried about Bitcoin potentially experiencing another crash. He is also uncomfortable with the idea that BTC is still tied to the stock market.

Catch Me If You Can: ETH and DeFi Platforms

As for Ethereum, it has been having the best bull run this year. ETH reportedly surged to $309 this Saturday, setting a 2020 high record on the crypto market. This may be attributed to the recent surge of decentralized finance (DeFi) applications.

Furthermore, as of yesterday, the total value of funds locked into DeFi platforms has reached an impressive $4 billion. With all this exciting news happening in the crypto community, it is evident that there is great potential that lies with decentralized computing that relies on blockchain and cryptographic mechanisms to function. In fact, it appears as though the future is paved for the creation of a whole new realm of decentralized applications, that will integrate cryptocurrencies on its digital platforms.

New Horizons for Ethereum: ETH 2.0

On top of their new all-time record on the crypto market, Ethereum has also announced its strategies behind the launch of its mainnet Ethereum 2.0.

Ethereum 2.0 testnet, “Medalla,” is set to be released on August 4, and it will be the final one before mainnet Ethereum 2.0 is made available to the public.

Will A Second Round of US Stimulus Payments Mean Another Bitcoin Bull Run?

In the last four hours, Bitcoin has experienced a surge, delighting many crypto enthusiasts. It went from $9,941 to $10, 249, rising 3.1%.

How to Spend a Stimulus Check 101

As many Americans have resorted to investing their first stimulus check of $1,200 USD in the coveted cryptocurrency, many crypto market experts are debating on whether Americans will do the same with the second stimulus check that is supposed to arrive. Treasury Secretary Steven Mnuchin has announced that the second stimulus payment is set to be administered in August.

Covid-19 Economic Relief: Second Round

In late March, the US Treasury delivered its first stimulus checks of $1,200 each. This was set in place by President Donald Trump in order to alleviate the economic hardships that the pandemic stirred up. Due to coronavirus, many Americans lost their jobs, saw their income reduced, and the US economy took a hit as a whole.

White House economic advisor Larry Kudlow spoke about the subject in an interview with CNN and confirmed that in light of the pandemic, US residents will see the second round of $1,200 stimulus checks, which are part of an approximate $1 trillion stimulus package.

Americans Bullish on BTC With COVID Checks

Though Americans are expected to invest this money towards basic goods and services and to supplement their basic income, it is speculated whether that will be the case. It was reported earlier this year by CEO of coin exchange Coinbase – Brian Armstrong – that some Americans who received the first-time stimulus checks of $1,200 actually redirected their godsend funds towards Bitcoin (BTC) investments, rather than using them towards basic goods and services.

Americans who invested their first stimulus checks towards BTC were rewarded for their efforts, and experienced a 45.5% return, from $1,200 in April to approximately $1,750 at the time of writing, with BTC surging past $10, 200 just now.

When US officials just announced their plans for the $1 trillion stimulus package, BTC’s value on the crypto market surged past $9,500, breaking a long period of low volatility, where the crypto was estimated to fluctuate between $9,000 and $9,500 in pricing.

Gemini Winklevoss Thinks BTC is a Good Hedge Investment

Now, with the excess money printing due to stimulus checks being paid out by US government, influential Gemini CEO Tyler Winklevoss advocated in a recent public tweet that Bitcoin is the way to go, and should definitely be invested in. He explained that with the US Federal Reserve’s plan of mass printing money, the “stage for Bitcoin’s next bull run is set.”

The coin exchange CEO thinks that with the current economic turmoil, investors are going to be looking at BTC as a more interesting alternative investment solution, as opposed to mainstream markets.

Bitcoin Wakes Up from Slump and Surges, While Gold Rallies

Bitcoin, often dubbed “digital gold” by crypto enthusiasts, has just recently surged past the $10, 000 mark, after months of being in a slump.

Bitcoin’s Groundbreaking Bull Run

As the value of the USD has been depreciating with the mass printing of stimulus checks deployed by the US government for pandemic repercussions relief and with gold finally responding with a price rally, Bitcoin (BTC) has finally gained some bullish traction on the crypto market.

The cryptocurrency has been hovering around the low $9000s in value for the longest time and had received a lot of criticism from big players in the crypto industry. Binance CEO Changpeng Zhao (CZ) had commented on it earlier last month and said that he was unsure what it would take to bring Bitcoin out of its slump. However, he did add that maybe time would change the game for BTC, and it seems as if his prediction came to life.

USA’s Part In BTC Bull Run

With the USD being printed in bulk by the US government in the goal of delivering a second round of stimulus packages to the population, many investors have switched to cryptocurrencies as a hedge.

In fact, it was even reported by crypto exchange Coinbase that many Americans had used the first stimulus check of $1,200 USD delivered by the government towards investments in BTC. Crypto advocates tout Bitcoins and altcoins as a means to protect their wealth from government procedures such as economic stimulus packages, which are often regarded as inflationary.

Before the bullish surge on July 26, Bitcoin had been reported to be stagnant for weeks on end, its value remaining average and uninteresting for crypto market watchers.

Bitcoin As An Alternative Investment

The largest digital token in the crypto world experienced a surge of as much as 15%, recording a groundbreaking $10,944 in value, its highest price since last August. The rally escalated after BTC breached $10,500.

Chief Market Strategist at Miller Tabak + Co. Matt Maley commented on Bitcoin’s bullish run:

“It’s attracting the momentum players. And of course, the momentum players play such a big role nowadays that it’s giving bitcoin the big move.”

Gemini CEO Winklevoss Backs Bitcoin

One renowned momentum player, Tyler Winklevoss, is one that has been a Bitcoin advocate for quite some time.

The co-founder and CEO of crypto exchange Gemini had publicly stated that Bitcoin is an interesting hedge and advocated that BTC is set for its next bull run, with the US Federal Reserve printing money as an economic stimulus strategy and the USD consequently depreciating for the time being.

Will Bitcoin Replace Gold as A 'Traditional Safe-Haven Asset?' Experts Debate

There has been a lot of frenzy ongoing for traditional and crypto markets, with Bitcoin surging for the first time in months and crypto investors jumping at the occasion.

Why Is BTC Soaring?

Nigel Green, CEO and founder of financial consultancy firm deVere Group, addressed Bitcoin’s bullish traction on the crypto market and boldly stated on his Twitter platform that the cryptocurrency was potentially going to “knock gold from its long-held position” of being a safe-haven asset. On traditional stock markets, when stocks drop in value and inflation rises, the trend appears to be to invest in gold, seeing as it is deemed a safe investment.

Green furthermore elaborated and tweeted that the Bitcoin value on the trading market was “surging in tandem with gold on US-China tensions.” As sociopolitical tensions and power struggles are heightening between USA and China, the world’s two largest economies, Green is saying that there is a lot of potential of Bitcoin bullishly soaring even more, if new crypto investors and established BTC bulls took matters into their own hands and diverged from traditional stocks.

As if to prove the truth behind his educated statement, it appears that investors are very much branching out from traditional stock markets, with the global economy going downhill due to the ongoing pandemic and political battles. Bitcoin therefore may regarded by many to be more and more of a safe-haven asset.

Gold Is Also Soaring to The Skies

The price of gold has also been escalating, much to experts’ amazement. A lot of financial investors are speculating that this phenomenon may be due to the worsening of US-China trade and political tensions. Others looked at the economic stimulus package that US plans on delivering and as an explanation, they pointed to the drop of the US dollar resulting from mass money printing.

Investors may therefore turn more to gold and Bitcoin as hedges, leading to a surge in value for both financial assets.

Gold Takes Everyone By Surprise

The jump in gold came as a surprise to many market experts. It is regarded as an unusual phenomenon, because stock prices have also escalated recently, after a drop in early March when COVID-19 began spreading across the US.

Usually seen as a safe haven when stocks are falling or when inflation is rising, the rise of gold comes as a shocker for many, because none of the two mentioned phenomena are currently happening.

Batting For Team Gold- Peter Schiff

Gold-advocate and Euro Pacific Capital CEO Peter Schiff does not appear to share Green’s views on Bitcoin being a safe-haven asset, as the investor has long been known to be “team gold.” On July 27, he tweeted that in light of COVID-19 and the economic downfall resulting from it, the US Federal Reserve “will keep printing dollars until the dollar crashes.” In his opinion, gold investors are fully aware of this mass printing strategy, and so gold will keep on soaring.

What’s Next For BTC?

As for Bitcoin, since its recent surge past the $10,000 checkpoint on Monday, crypto investors are now interested in seeing the cryptocurrency reach the next mark – set at a critical $10,500.