Bitcoin Is Digital Gold And Hedge Against Inflation
Bitcoin has been gaining more and more popularity in 2020, despite the global crisis in the middle of which we are.
People are seeing the king coin as a safe haven, and the mainstream adoption is also getting closer.
Regarding Bitcoin’s price, today BTC is trading in the green, and the king coin is up by more than 5% in the past 24 hours.
Bloomberg pushes the adoption of Bitcoin
Bloomberg financial journalist Tracy Alloway just said she is now a Bitcoin believer.
In a new newsletter, Alloway highlighted the evolution of Bitcoin throughout its 12-year existence to explain why she is now a BTC bull.
“I have a confession to make: I am now bullish on Bitcoin. I’m bullish on Bitcoin because I’m bullish on cognitive dissonance in a complex society, and on people’s ability to produce endless narratives for the cryptocurrency – even ones that are at times contradictory,” she said.
She continued and explained that “Since its creation back in 2008, Bitcoin has been lauded and promoted as so many things. It’s a method of payment (you can buy pizza!) but it’s also a speculative financial asset whose value is destined to go up (so you should save it!). It’s a hedge against inflation (because central banks are printing money!), but it’s also a financial asset that benefits when interest rates are close to zero, and there’s less opportunity cost to hold it (it’s digital gold!).”
She also said that “Bitcoin is a way of disintermediating the existing financial system (because you can’t trust the banks!), but it’s also something that would benefit from a flood of institutional money (asset managers are diving in!).”
We recommend that you check out the complete Bloomberg article in order to see what more she had to say.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.