This Trigger Will Push Bitcoin To New Heights
At the moment of writing this article, Bitcoin is trading in the red. The king coin is priced at $11,797.54.
Forbes addresses the currency and talks about the main factor that can drive the price of BTC.
This can boost the price of BTC
Forbes notes that during the past week, BTC was seemingly driven by one factor, the US dollar.
“This dynamic is easily seen when blotting the USD index (DXY) against bitcoin,” the online publication noted.
Forbes also brought up Digital Assets research firm, Delphi Digital. It seems that they noted, “Gold bugs have been rejoicing in recent weeks…dollar weakness coupled with deeply negative real yields, has created a perfect storm for gold and precious metals.”
More than that, Delphi Digital stated, “Gold’s latest surge puts it among this year’s best performing assets, outpacing global equities by 34 percentage points. Its 35% gain year-to-date through August 6th is also its best since the early 1970s.”
It’s important to highlight that gold’s returns are outmatched only by BTC in 2020. Bitcoin’s amazing performance this year is suggesting that investors are beginning to truly see it as a store of value asset.
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Bitcoin mass adoption intensifies
Grayscale is launching a national crypto advertising campaign in order to push the mass adoption of BTC and digital assets.
According to the latest reports coming from the Daily Hodl, Grayscale paid firm paid for ads that will kick off next week on CNBC, MSNBC, FOX, and FOX Business, says Barry Silbert, the founder, and CEO of Digital Currency Group – Grayscale’s parent company.
Bitcoin and digital assets mass adoption has been one of the most important goals that the crypto industry set.
Things have been going great regarding the push for the mass adoption of cryptos even in the middle of the world crisis.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.