Political Instability Tests Bitcoin And Gold
Not too long ago, it’s been revealed that the tensions between the US and Iran affected prices for oil and gold. Bitcoin went up, on the other hand, showing that it’s definitely seen as a viable safe haven for investors.
It’s been reported that Alex Mashinsky, chief executive officer of Celsius Network, stated the following:
“The rapid escalation of tension between the US and Iran has reminded investors that Bitcoin is a viable, safe haven asset and smart hedge against equity and bond markets.”
It’s been also revealed that Bitcoin and gold have been heavily correlated as military strikes unfolded. Experts call Bitcoin a viable form of digital gold, one that is more sound.
The US government sets new sanctions for Iran
The tensions between the US and Iran took a turn this Friday morning with the US government setting fresh sanctions against Iran following the strikes on the US targets.
This comes after Iran’s missile attacks on two military bases in Iraq where the American and Iraqi forces are based.
The Daily Hodl online publication revealed that the secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin announced that the new sanctions would be targeting Iran’s metal exports and eight senior Iranian officials, among other industries.
Secretary Mnuchin stated the following:
“First, the President is issuing an executive order authorizing the imposition of additional sanctions against any individual owning, operating, trading with or assisting sectors of the Iranian economy including construction, manufacturing, textiles, and mining. And let me be clear, these will be both primary and secondary sanctions.”
He continued and said that “we are announcing 17 specific sanctions against Iran’s largest steel and iron manufacturers, set three Seychelles-based entities in a vessel involved in the transfer of products.”
He explained that billions of dollars would be cut off, and the enforcement will also continue of otheer entities as well.
Head over to the original article in order to learn what more he had to say on the issue.
You should also check out the complete message from the US.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.