Forbes states that Bitcoin would head to the moon if the US would create a new digital dollar. Early this month, the publication stated that there was a coronavirus induced crash. Until the spark of the virus, BTC has been recording a good start this year.
The Federal Reserve determines the monetary fate of 100s of millions of people in the US. The Federal Reserve is now creating several trillions of dollars out of thin air. Of note, the Fed is not elected by the people, nor is it a member of the government. It is not a government agency either. However, Bitcoin cannot be made up like that. The value of the Bitcoin stays justified. This is really the time for some fundamental change in the rules that rule money.
Several Bitcoin enthusiasts are of the opinion that the monetary policies which are happening now will cause of the Bitcoin price to explode to unimaginable prices. Aggressive inflation, bad economy, and unemployment is expected to be on the cards. It is seen that what is coming might be economically punishing. This is considered to be reason enough to hold or Buy Bitcoin (BTC).
Sydney Ifergan, the Crypto Expert, tweeted: “The reality testing for Bitcoin (BTC) and other Altcoins facilitating value versus the fiat money is beginning to hit the market. Monetary policies are setting the stage for the crypto versus fiat competition.”
On the other hand, considering the cryptocurrency cash, it can be seen that several Bitcoin (BTC) investors are paying close attention to their funds due to the recent cryptocurrency crash and the economic crisis created by the virus.
Several investors are withdrawing their BTC from exchanges at a very rapid rate. They are moving their money to their private wallets. The volatility used to be the time when traders work on their profits. The Bitcoin (BTC) balance in the exchanges are approaching the lowest.
This is possibly because investors want to have control of their money, and they do not want to risk leaving their money with the middlemen. They might be looking to hold on to the BTC for the long term by halting trading probably because they can foresee the value rising. Another reason might be that they are concerned about the liquidity provided by cryptocurrency exchanges during the market shut down. The Bitcoin bulls are trying to sustain the psychological level of $6,000.
Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9
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