Can coronavirus help steer the current price hike in Bitcoin? This is exactly what InvestorsHub.com CEO thinks.
Clem Chambers concludes that the outbreak of the virus makes safe harbor assets more attractive. For him, Bitcoin puts gold through its portability and convertibility.
Is The Virus Behind BTC's 2020 Gains?
As a safe haven presence, the concept of Bitcoin is becoming increasingly popular. However, a more rooted use case for crypto presence is definitely speculation.
This makes it difficult to identify the exact cause of sudden increases in purchasing pressure in globally uncertain periods. As newsbtc He had previously reported that there is much to believe that there is speculation on the existence of safe haven investors directing Bitcoin rallies, not capital protection itself.
It is undeniable that the price of bitcoin has been rising since the coronavirus broke out last year. However, there are numerous factors that could be behind recent gains, including the upcoming Bitcoin slit.
Clem Chambers, a crypto industry observer who thinks Bitcoin serves as a truly secure haven. He believes that the coronavirus outbreak makes the digital currency more attractive than ever. Talk with Kitco News InvestorsHub.com CEO said that most of the BTC gains since the beginning of the year have been viruses.
– Kitco NEWS (@KitcoNewsNOW) February 14, 2020
Is It A Safer Port From Bitcoin Gold?
Chambers reveals that the epidemic caused sudden movement of people. It is much easier to travel with Bitcoin, which is infinitely more portable and convertible than gold.
The cryptocurrency is much faster for the average person to take or exit a position. In a sudden crisis, Chambers causes this accessibility to prefer it, and this preference is reflected on the market.
Calling the digital currency as the “preferred flight asset”, the CEO's reasons are:
"You can't get gold from the airport, but you can get as much Bitcoin as you can on a smart stick."
Of course, Chambers is not the first to highlight the advantages of Bitcoin over gold. Cryptocurrency, which is quite expensive to create both scarce and asset, puts yellow metal in non-physical way. This makes the transportation and storage of high-value amounts much simpler.
Later in the interview, Chambers said that the May halfway event, newsbtccreated the upward momentum we have seen in the market since the New Year. He adds, however, that the price will be significantly lower even if there are no safe port investments associated with coronavirus.
After confirming that he has Bitcoin and several other cryptocurrencies, Chambers said the following about his gold allocation:
"I love gold, but Bitcoin is 5x gold, so I don't need gold."
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