Co-founder of market analysis agency DataTrek Analysis Nicholas Colas says that Bitcoin (BTC) is a geopolitical turmoil indicator.
Bitcoin as a market indicator
In an interview with CNBC revealed on Aug. 14, Colas claimed that Bitcoin was one of many few property of which the worth predicted Hong Kong’s protests and the resultant native capital flight.
When the interviewer requested him whether or not he believes that Bitcoin is a safe haven asset, he mentioned:
“We’re undoubtedly seeing that, and actually are perked up across the Hong Kong protests and a few of the forex flight that occurred out of Hong Kong and the mainland, and Bitcoin was one of many few property that we watched that truly predicted that uncertainty forward of time. Nothing else was actually shifting, Bitcoin was.”
Bitcoin continues to be new and really risky
The interviewer additionally mentioned that many traders are involved about the truth that Bitcoin was once price $20,000, and requested if there may be any assure that such a worth collapse received’t occur once more. Colas answered stating that, certainly, it’s going to occur once more since Bitcoin continues to be a brand new and really risky asset.
As Cointelegraph reported earlier right this moment, Bitcoin has begun buying and selling at a premium in Hong Kong as continued political uncertainty produces a widely-reported spike in demand.