Bitcoin is a very risky asset and Bitcoin's price will fall in times of uncertainty and havoc, that was the story, at least.
Year 2023 to date and since the Russian Ukraine conflict Bitcoin disproves the narrative that Bitcoin and cryptocurrencies prices will fall in times of uncertainty.
Even as the United States Dollar is appreciating.
There are several reasons/factors that explain this:
1) Millennials, 1981-1992 have recognized Bitcoin and cryptocurrencies, crypto and think Bitcoin is a viable asset to invest in. And since most millennials have not witnessed in their accounts a large stock market fall, they view every large fall in Bitcoin's price as crypto on sale. Actually, I am from the older millennials, born 1982, so I am a bit more risk averse. I have seen, very large draw-downs, in my investment account in 2008-2009.
2) Bitcoin is seen an electronic substitute for gold, which is also electronically traded on the foreign exchange spot markets.
3) Bitcoin is slowly chipping away at the USD status as global reserve currency
4) People, millennials in particular, do not trust the governments and government institutions
5) Bitcoin is a more tacit way to transfer money
6) Bitcoin and cryptocurrencies provide a new form of money, which saves people and firms time, effort and money
7) Bitcoin is the epitome of technology. Financial technology, fintech, that is. And thus the single new asset class created in decades. The epitome of finance, that is?
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