SYDNEY, Australia – Bitcoin, the king of cryptocurrency, displays a rally despite the ongoing COVID-19 pandemic. Investors in Australia shows interest in the cryptocurrency’s behaviour. Nigel Green, the CEO of deVere Group, explains the future state of Bitcoin, and why it’s called a safe-haven asset,
Bitcoin (BTC) rallies profoundly during the pandemic, and depositors find alternatives to the typical safe havens of international trade markets, along with stocks.
Back in March 2020, Bitcoin exchanged at AUD 7,741. Now, it’s amounting to over AUD 15,300. There’s a boost of 97% in four months. If an Aussie invested $1 in this digital asset nine years ago, the $1 would have been AUD 1,113 now.
Nigel Green from deVere Group, the founder and CEO of the $12-billion finance giant, thinks that the increase in interest for the digital asset comes as depositors search for options that don’t tie to global exchange politics.
According to Green, Bitcoin, the most influential and biggest digital asset, hit past the critical price of $10,000, which is the resistance marker. Now, the eyes are on the significant $10,500-price level.
Green also added that the recognized Bitcoin bulls, along with new digital asset depositors might make it occur this week because tensions intensified between China and the United States or the US, which are the two largest economies.
Depositors flock to safe-haven assets, like gold and Bitcoin, are not linked to a specific country, yet these record-high prices prior this week.
The CEO of deVere Group stated that the change to technology and exchanging from the comfort of users’ homes might see Bitcoin fight against gold as a long-term outlook during undefined times.
Bitcoin presently understands its reputation, which is in the form of virtual gold.
Green also said that gold a vital safe-haven asset, yet Bitcoin might knock gold out of its long-held place since it shares significant features of being a store value of scarcity and store of value. It might beat gold in the future in a tech-driven world.
Previous data displays that Bitcoin’s ROI or Return on Investment is 70 times higher than the average returns of the five primary indices of the world.
The ROI of Bitcoin from June 26, 2015, to June 25, 2020, is at 3,456.98%. It’s high compared to Nikkei, which is at 11.94%, Dow Jones, which is at 42.16%, and NASDAQ, which is at 96.77%.
Australia Post added a month ago to their Post Billpay service. In that post, it stated that Australians who are interested in depositing in the currency might purchase cryptocurrency, and they can buy at their local post office. It’s the reason why Green thinks that Bitcoin has potential as a safe-haven asset.
Green explained that there are Geopolitical issues, and these concerns the US and China. Also, these will prompt several depositors to upsurge exposure for decentralization, secure cryptocurrencies, non-sovereign. It’s to protect them from the instability of taking place in typical markets.
The CEO and founder of deVere Group added that cryptocurrencies are future of money, he said that Bitcoin, along with peers, it a safe-have currently.