{"id":152916,"date":"2019-08-06T09:59:51","date_gmt":"2019-08-06T13:59:51","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=152916"},"modified":"2019-08-06T06:52:03","modified_gmt":"2019-08-06T10:52:03","slug":"bitcoin-to-hit-15000-as-consensus-grows-on-safe-haven-status","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/08\/bitcoin-to-hit-15000-as-consensus-grows-on-safe-haven-status\/","title":{"rendered":"Bitcoin to hit $15,000 as consensus grows on safe-haven status"},"content":{"rendered":"
August 6, 2019<\/div>
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By George Prior<\/strong><\/p>\n

The devaluation of China\u2019s currency that is rattling global financial markets has revealed that Bitcoin is now becoming a safe haven asset.<\/p>\n

The analysis from the CEO of one of the world\u2019s largest independent financial advisory organizations comes as investors piled into the Bitcoin and other cryptocurrencies this week amid growing trade tensions between the U.S. and China.<\/p>\n

The Chinese renminbi fell to under 7 to the U.S. dollar on Monday \u2013 the lowest in more than a decade \u2013 igniting drops in stocks and emerging market currencies and driving a rally in government bonds.<\/p>\n

Nigel Green, chief executive and founder of deVere Group, notes: \u201cThe world\u2019s largest cryptocurrency, Bitcoin, jumped 10 per cent as global stocks were rocked by the devaluation of China\u2019s yuan as the trade war with the U.S. intensifies.<\/p>\n

\u201cThis is not a coincidence. It reveals that consensus is growing that Bitcoin is becoming a flight-to-safety asset during times of market uncertainty.<\/p>

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\u201cBitcoin is currently realising its reputation as a form of digital gold. Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin\u00a0 – which shares its key characteristics of being a store of value and scarcity \u2013 could potentially dethrone gold in the future as the world becomes increasingly digitalized.\u201d<\/p>\n

He continues: \u201cWith the Trump administration now officially labelling China a currency manipulator, escalating the tensions between the world\u2019s two largest currencies economies, investors are set to continue to pile in to decentralized, non-sovereign, secure currencies, such as Bitcoin to protect them from the turmoil taking place in traditional markets.<\/p>\n

\u201cThe legitimate risks posed by the continuing trade dispute, China\u2019s currency devaluation and other geopolitical issues, such as Brexit and its far-reaching associated challenges, will lead an increasing number of institutional and retail investors to diversify their portfolios and hedge against those risks by investing in crypto assets.<\/p>\n

\u201cThis will drive the price of Bitcoin and other cryptocurrencies higher.\u00a0 Under the current circumstances, I believe the Bitcoin price could hit $15,000 within weeks.\u201d<\/p>\n

The deVere CEO concludes: \u201cCryptocurrencies are now almost universally regarded as the future of money \u2013 but what has become clear this week is that they are increasingly regarded a safe haven in the present.\u201d<\/p>\n

About:<\/strong><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/p>\n

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By George Prior The devaluation of China\u2019s currency that is rattling global financial markets has revealed that Bitcoin is now becoming a safe haven asset. The analysis from the CEO of one of the world\u2019s largest independent financial advisory organizations comes as investors piled into the Bitcoin and other cryptocurrencies this week amid growing trade […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-152916","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/152916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=152916"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/152916\/revisions"}],"predecessor-version":[{"id":152917,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/152916\/revisions\/152917"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=152916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=152916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=152916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}