We’re in the middle of important geopolitical tensions that are affecting the crypto markets as well. It’s been reported that a veteran crypto investor says that current events could help Bitcoin (BTC) transition into a store-of-value asset.
BTC could become a store-of-value asset
In a new interview with Bloomberg Technology, CoinShares chief strategy officer (CSO) Meltem Demirors tells host Emily Chang that worldwide sanctions following Russia’s invasion of Ukraine, as well as truckers in Canada losing banking access during a protest against their government, could do great things for BTC. All this could propel Bitcoin away from the risk-on category of investments.
“Not only do we have this conflict happening in Eastern Europe, but we also recently had the Canadian truckers and their access to the banking system getting cut off, which again was an instance where there was a lot of conversation around Bitcoin [and] cryptocurrency,” Demirors said.
Demirors continued and said:
“I think what we’re seeing here is a growing awareness around the world that for the first time, people, citizens who really are the victims of wars that are fought by superpowers, have a choice. Bitcoin and cryptocurrencies are non-political global money.”
The CoinShares CSO says that increased cryptocurrency use beyond the Eastern European conflict zone indicates that investors worldwide are looking toward cryptos in response to geopolitical crises.
Bitcoin to hit $50k
It’s been just revealed that the financial advisory firm deVere Group CEO Nigel Green says the leading crypto asset Bitcoin (BTC) will likely surge to $50,000 in the near-term.
In a new company blog post, he explained the fact that the king coin is likely to hit $50,000 in March due to escalating geopolitical tensions and growing interest from blue-chip investors.
At the moment of writing this article, BTC is trading in the red and the king coi is priced at $38,770.
