Home News Bitcoin Safe Haven Sucking in Money From China, Says Blockchain Executive

Bitcoin Safe Haven Sucking in Money From China, Says Blockchain Executive

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Bitcoin (BTC) actually does perform as a protected haven asset in 2019, one other supply has advised mainstream media because the United StatesChina commerce battle rages.

Bitcoin more and more essential amid financial uncertainty

Speaking to Forbes in an interview on Aug. 8, Chris Reinertsen, chief advertising and marketing officer of blockchain consultancy Rhythm Technologies, mentioned buyers had been pouring into Bitcoin in addition to conventional protected haven property.

“There is a flight of capital to safe-haven assets across the board, which now includes Bitcoin,” he advised the publication.

He added: 

“Throughout the last few years, we have been seeing the trend of Bitcoin increasingly becoming fundamentally correlated to more macro moves as increased economic uncertainty in the world increases.”

Bitcoin as a hedge towards inflation

As Cointelegraph reported, Reinertsen is way from alone in his speculation. The newest dispute involving China, which noticed the U.S. authorities model Beijing a foreign money manipulator, appeared to gasoline a fresh upturn in the Bitcoin worth this week. 

Thereafter, buyers had been joyful to go on file in regards to the cryptocurrency’s enchantment as a hedge towards volatility in fiat markets. 

“It’s been an amazing run, it’s fantastic technology; some people are using it as a way to hedge against inflation,” the CEO of consultancy agency Agecroft Partners, Don Steinbrugge, told CNBC on Tuesday.

Reinertsen likewise pointed to China’s deliberate devaluation of the yuan to an 11-year low towards the greenback as an element driving cash into Bitcoin.

His view on China extra broadly was shared by Circle CEO, Jeremy Allaire, who equally mentioned macroeconomic motivation whereas explaining Bitcoin’s sudden bull market this week. 

“I think the broader theme of, you know, Bitcoin specifically, crypto more broadly participating in these global macro forces is becoming more and more clear,” he mentioned.

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