Coronavirus Proved Bitcoin is ‘Flight Asset of Choice’, Says CEO

General Crypto news

by Crypto 4 Views

Might the coronavirus be helping to drive the present worth rally in Bitcoin? The CEO of definitely thinks so.

Clem Chambers makes the case that the virus’s outbreak has made protected haven belongings more desirable. For him, Bitcoin trumps gold because of its portability and convertibility.

Is Virus Behind BTC’s 2020 Features?

The notion of Bitcoin as a protected haven asset is an increasingly widespread one. Nevertheless, a more established use case for the crypto asset is definitely speculation.

This makes it troublesome to determine the precise reason for sudden increases in shopping for strain during times of worldwide uncertainly. As NewsBTC has reported previously, there are a lot that consider it to be speculation on the existence of protected haven buyers driving Bitcoin rallies, not capital safety itself.

It’s plain that the Bitcoin worth has gone up because the outbreak of the coronavirus late last yr. Nevertheless, there are a myriad of factors that could possibly be behind the current good points, together with the upcoming Bitcoin halving.

One crypto business observer of the opinion that Bitcoin is indeed serving as a protected haven is Clem Chambers. He believes that the coronavirus outbreak is making the digital foreign money extra appealing than ever. Chatting with Kitco News the CEO of stated that loads of the BTC features because the begin of the yr are down virus.

Bitcoin Extra Fast Protected Haven than Gold?

Chambers makes the case that the outbreak is inflicting sudden movement of people. Bitcoin, being infinitely extra moveable and convertible than gold, is way easier to travel with.

The cryptocurrency can also be a lot quicker for the typical individual to take a place in or exit from one. In a sudden crisis, Chambers reasons this accessibility makes it preferable to gold and this choice is mirrored out there.

Calling the digital foreign money the “flight asset of selection”, the CEO causes:

“You'll be able to’t take gold by means of the airport however you'll be able to take as much Bitcoin as you'll be able to carry in a sensible stick.”

In fact, Chambers isn’t the primary to spotlight the benefits Bitcoin has over gold. Both scarce, prohibitively costly to create belongings, the cryptocurrency trumps the yellow metallic by being non-physical. This makes transportation and storage of high value sums much easier.

Later within the interview, Chambers states that the Might halving occasion, reported extensively on by NewsBTC, has created the bullish momentum we've got seen out there because the starting of the yr. Nevertheless, he adds that the worth would possible be significantly lower have been it not for coronavirus-related protected haven investments.

After confirming he holds Bitcoin and a few other cryptocurrencies, Chambers commented the next on his own gold allocation:

“I like gold, however Bitcoin is 5x gold, so I don’t need any gold.”

Associated Reading: Bitcoin Be Mine: Celebrate Valentine’s Day the Crypto Way

Featured Picture from Shutterstock.