摘要: The Bitcoin price set yet another all-time high with BTC rallying to $40,394 making an 11% gain yesterday before dropping $3,500 almost immediately back below $37,000. Where to next for Bitcoin, the world’s most dominant cryptocurrency; will the BTC price rise, consolidate or crash?

 

 

Bitcoin is trading at $38,158 at the time of writing with a market capitalization of around $700 Billion.

Bitcoin Price Rally

The year 2020 has seen Bitcoin in action, not so much as a currency but as a hedge against macroeconomic uncertainty. Unlike the 2017 retail crypto bull run, financial analysts and experts believe that Bitcoin’s bull run is largely driven by the surging investment from established institutions like Microstrategy, Paypal and MassMutual who now view BTC as a safe haven asset to hedge against rising inflation. Gavin Smith, CEO of Panxora said in a note:

"It's no surprise that the world is watching bitcoin right now. Its price is soaring as the after-effects of the COVID monetary stimulus continue to raise concerns about inflation. As a result of quantitative easing, market players are adopting Bitcoin to hedge against instability. But while further growth is inevitable, investors should not expect this to move in a straight line."

Paolo Ardoino, CTO at Bitfinex discussed the rising utility of Bitcoin as a hedge against inflation:

“Bitcoin is rising in the eye of a perfect storm. The backdrop is one of continuing global macroeconomic uncertainty that has the potential to devalue fiat currencies. High finance's embrace of the digital gold narrative may potentially be followed by retail as the market cap of all cryptocurrencies reaches $1 trillion for the first time.”

 

 

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詳見全文Full Text: blockchain.news

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