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Inflation is always a concern in a troubled economy. The stock market continues to soar higher but trouble remains on the horizon. Both the short-term and long-term impacts of the coronavirus pandemic have yet to take their biggest toll.
Investors watched as gold prices soared over the past few months. Topping out above $2000 an ounce, it has retreated to $1,921 in recent trading. None the less, the correlation between inflation concerns and gold’s intrinsic value remain. Traditional investors still see gold as the perfect hedge.
This begs the question of Bitcoin’s role in the equation. Many crypto enthusiasts view the world’s biggest digital currency in the same light as gold. An investment in BTC is another viable hedge.
Key crypto wallet apps such as Coinbase.com, Blockchain Wallet, Binance and BRD still remain bullish. They all experienced record increases in downloads in July. This might suggest that BTC is exhibiting signs of a bull run.
The Top 10 crypto wallet apps saw a whopping 81 percent increase in July verse the same month last year. This was according to research performed by the app data website Apptopia. Madeline Lenahan is a company blogger for that site. She added the following comments:
“At the start of the quarantine, we noticed an uptick in new installs for some of these apps. But didn’t think much of it because this market tends to be quite volatile anyway. Looks like the growth we saw was, if fact, real and lasting.”
Two contributing factors were the coronavirus and emerging markets. The surge in BTC value in July drove the market price as high as it has been since last June. This triggered a boom in bitcoin retail trading. Many exchanges around the world reported a high BTC trading volume.
The fresh interest in bitcoin has been driven by institutional and retail investors. This has drawn comparison to the BTC bull rally in 2017.
Cory Klippsten is the founder of the bitcoin buying app Swan Bitcoin. The tech advisor stated:
“It appears to many that we’re in the early stages of another bull market for bitcoin. This time against a macroeconomic backdrop that seems almost scripted for bitcoin to shine.”
He also pointed out a surge in user percentages. He referred to a “new crop of bitcoin-only services like Coinfloor in the UK, Bitaroo in Australia.” You could also add his Swan Bitcoin to the list.