The crypto market looks mostly bloody again with the most important coins trading in the red today.
Bitcoin is trading in the red as well, and the digital asset is priced at $10,265.62 at the moment of writing this article.
Bitcoin saw a significant fall in price this week, and it seems that the trend continues.
These economic conditions will boost the price for Bitcoin
It’s been revealed that the CEO and founder of one of the biggest independent financial advisories in the world foresees economic conditions that he believes will serve as rocket fuel for Bitcoin (BTC).
Nigel Green of deVere Group addressed the key factors that may trigger the next Bitcoin bull run.
“We can expect the world’s largest cryptocurrency to be further fuelled for the rest of 2020 by the U.S. presidential election and the weakness of the U.S. dollar, which will serve as high-octane price drivers,” he said.
He continued and explained that “A U.S. presidential election always stirs uncertainty – but 2020 is seen by many as particularly important as not only will whoever wins be the CEO of the world’s largest economy, they will be in that role as the world economically readjusts following the global fallout of coronavirus.”
Uncertainty will play a key role as well
He also said that uncertainty would drive investors to seek refuge in store-of-value assets such as Bitcoin and gold. But, Green said that Bitcoin is playing in a different league.
“Bitcoin is currently realizing its reputation as a form of digital gold. Up to now, the precious metal has been perceived as the ultimate safe-haven asset, but Bitcoin – which shares its key characteristics of being a store of value and scarcity – could potentially in the future knock gold from its long-held top spot as the world becomes driven by the tech revolution,” he said.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
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