Bitcoin Is Called The Best Asset In Bleak Financial Times

Bitcoin is dropping in price again today, and the whole crypto market is trading in the red. At the moment of writing this article, Bitcoin is priced at
$5,807.54.

During the past weekend, numbers were looking better, and crypto analysts became more optimistic just to see a new fall in price today.

As you know by now, Bitcoin began this brutal fall for the last couple of weeks, and the main reason that has been cited for this is the coronavirus pandemic, which is torturing the whole world and hurting economies.

Bitcoin is the greatest asset in bleak financial times

Now, it’s been revealed that CoinShares Chairman Danny Masters said that Bitcoin is the “greatest asset in bleak economic times.”

He highlighted the fact that BTC’s ability to keep continue processing transactions no matter what’s happening in the world is a unique technique strength of the coin.

Bloomberg reported that “Bitcoin is arguably the only financial asset that can operate remotely. Nobody needs to go to work to make Bitcoin work. Nobody needs to fill an ATM machine. While things look bleak for everything, I can’t think of a better asset to buy than Bitcoin.”

Josh Rager is far from bullish in the short term

It’s been also revealed that analyst Josh Rager is looking for BTC to push past resistance at $6,400.

“BTC rejected off the point of control (highest traded volume price) – a level that we saw act as support twice before the breakdown. For me to start to feel bullish, the price needs to flip at least $6400 on high time frames. Even then, stocks selling off is not bullish for BTC.”

https://twitter.com/Josh_Rager/status/1240854969718358018

Someone responded at the tweet with the following words: “Looking at it go up gives me lethal amounts of FOMO. Converted to USD at 4.500, expecting a larger drop when the reality sinks in for the American economy. Pretty sure we’re not there yet.”

Another Twitter user believes that “They want you to believe that and when everybody is convinced going long, that’s the moment they dump hard on you. They always choose the moment when you don’t expect it. REKT, everybody is their goal. So use stops and dont go all in.”


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2507 Articles

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Coinbase

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