You are probably aware of the WW3 memes flooding the Internet since yesterday after the recent politics-related event.
Last night’s U.S. strike that killed Iranian General Soleimani.
The event is the sort of event that gets markets moving. This led to oil jumping, and so did gold. Oil was up 3%, and gold jumped 2%, and as expected, BTC was also up by 5%.
At the moment of writing this article, BTC is trading in the red, and the most important digital asset is currently priced at $7,368.93.
Reactions to the news
Forbes posted an interesting chart that shows the global professionals reacting to the news that we just mentioned above much faster than the private traders.
Forbes writes that “it might be suggested this hike is the result of Middle Eastern retail piling into BTC as a flight to safety rather than the relatively non-existent institutional money.”
Bitcoin is a key asset during a political crisis
It’s also important to mention that in the long run, BTC is a key asset when there are important political movements around the world.
Forbes mentions that speculators who think that gold and oil are the places to trade when the war in the Middle East is on the rise should learn that BTC is the ideal place to be.
Forbes also writes that BTC is the ideal investment “because while there are trillions in gold and oil to suck up demand, there is only a smattering of bitcoin to take the sort of buying surge a country like Iran could create were the situation to spin up into a large scale conflict.”
Anyway, all in all, despite the huge market volatility, BTC-related predictions have been very optimistic for 2020, so stay tuned to find out more details.
You should also check out the latest four important predictions regarding prices in the crypto market for this year.