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The financial markets have been sending mixed messages lately concerning a possible recession down the road. Trade wars and other economic warning signs are making investors a bit more edgy these days.
When it comes to investing in Bitcoin (BTC) as the top cryptocurrency, the ride has been even wilder. While the stock market dipped over 800 points one day last week, BTC has been even more volatile. The interesting relationship between the two continues to play out in the marketplace. That steep drop in the stock market boosted BTC’s value as a ‘safe haven’ alternative. While the value rose to $11,700 at that time, it has settled back down to $10,700 in recent trading.
According to a CNBC this week, one prominent CEO still favors bitcoin as a ‘safety blanket”. Circle CEO Jeremy Allaire has always been bullish on bitcoin. He was quick to reassure crypto supporters that Bitcoin is a smart investment with so much global uncertainty.
It appears that a growing number of investors might tend to agree with his view. Many are beginning to view Bitcoin as a digital alternative to gold. It is also seen as a viable option to preserve wealth during an economic crisis. Speaking to CNBC, Allaire was quoted as saying:
“Clearly, a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves. That underscores a lot of interest that’s been there over time. It’s the digital gold thesis. And, I think a lot of both institutional accumulators of bitcoin, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there. That’s the underlying thesis that I think has had an impact on it for the last eight years.”
He goes on to suggest that certain traders are looking to cash in on some recent gains. Ultimately, this could be to offset some broader losses in other market investments. Allaire also told CNBC that more governments are placing increased attention on cryptos. He stated, “Crypto as an agenda item is absolutely on the docket.”
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