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 belongings of which the worth predicted Hong Kong’s protests and the ensuing native capital flight.
When the interviewer requested him whether or not he believes that Bitcoin is a secure haven asset, he stated:
“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 belongings that we watched that truly predicted that uncertainty forward of time. Nothing else was actually shifting, Bitcoin was.”
Bitcoin remains to be new and really risky
The interviewer additionally stated that many buyers are involved about the truth that Bitcoin was price $20,000, and requested if there’s any assure that such a value collapse gained’t occur once more. Colas answered stating that, certainly, it’ll occur once more since Bitcoin remains to be a brand new and really risky asset.
As Cointelegraph reported earlier at the moment, Bitcoin has begun buying and selling at a premium in Hong Kong as continued political uncertainty produces a widely-reported spike in demand.