Deutsche Bank Warns Of “Zombie Market” – Bitcoin Is The Only Free Money
Bitcoin is still trading above $7,000 since yesterday when the coin witnessed a short-term rally that boosted all the digital assets due to various reasons which we already addressed.
Traditional markets suspicions – the end of the free market
It’s been revealed that there are all kinds of suspicions about the health of the traditional markets that have been gaining steam.
Deutsche Bank, for instance, accused the US Federal Reserve of sparking “the end of the free market,” according to reports coming from Cointelegraph.
The online publication mentioned a note quoted by Forbes titled “The end of the free market: impact on currencies and beyond,” in which the bank’s global head of foreign exchange research, George Saravelos stated the following:
“At the extreme, central banks could become permanent command economy agents administering equity and credit prices, aggressively subduing financial shocks.”
He continued and said: “It would be a bi-polar world of financial repression with high real economy volatility but very low financial volatility. A ‘zombie’ market.”
Bitcoin might be the only money that’s free of government, and central bank intervention as Cointelegraph notes all the time.
At the moment of writing this article, BTC is trading in the green, and the most important coin in the market is currently priced at $7,089.88.
Bitcoin gains more interest
Amidst the global crisis in which we are, it’s been revealed that Bitcoin and the digital assets are gaining more interest.
Bitcoin is seen as a flight to safety, and this specific disastrous time might turn out the time in which Bitcoin and the blockchain technology will shine the most, according to more analysts.
Just the other day, it’s been reported that there’s an increasing number of hedge funds and high-net-worth individuals are investing in Bitcoin in the wake of the financial hit triggered by the coronavirus pandemic, according to Mike Novogratz.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.