{"id":164306,"date":"2020-02-03T10:00:25","date_gmt":"2020-02-03T15:00:25","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=164306"},"modified":"2020-02-03T08:41:48","modified_gmt":"2020-02-03T13:41:48","slug":"bitcoin-price-likely-to-rise-until-coronavirus-peaks","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/02\/bitcoin-price-likely-to-rise-until-coronavirus-peaks\/","title":{"rendered":"Bitcoin price likely to rise until coronavirus peaks"},"content":{"rendered":"
February 3, 2020<\/div>
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By George Prior<\/strong><\/p>\n

Bitcoin\u2019s price is likely to continue to rise until the coronavirus peaks, affirms the CEO of one of the world\u2019s largest independent financial services and advisory organizations.<\/p>\n

The comments from Nigel Green, chief executive and founder of deVere Group, comes as the price of the world\u2019s most influential digital currency has gained more than 10 per cent in a week.<\/p>\n

It is also up 30 per cent\u00a0since the end of 2019, making 2020 the best start to the year for Bitcoin since 2012.<\/p>\n

To date, there have been 17,335 confirmed cases of the potentially deadly Sars-like virus, including 362 deaths. Mainland China remains the epicentre of the outbreak, although cases have been reported in more than two-dozen countries including the UK, Japan, Thailand, the U.S., Spain, Australia and Germany.<\/p>\n

Mr Green says: \u201cThe ongoing upward trajectory of the price of Bitcoin correlates to the spread of the coronavirus.<\/p>

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\u201cThe more individual cases that are identified, the more countries around the world that are affected, and the greater the impact on traditional financial markets, the higher the price of Bitcoin has jumped.<\/p>\n

\u201cIn this regard, we can expect Bitcoin\u2019s price is likely to continue to rise until the coronavirus peaks which, according to a prestigious research group in Hong Kong, is likely to be in late April or early May.\u201d<\/p>\n

He continues: \u201cWhy have investors been piling into Bitcoin recently?\u00a0 Because it is increasingly regarded as a safe-haven asset in times of uncertainty.<\/p>\n

\u201cBitcoin, known as \u2018digital gold\u2019, shares characteristics of the traditional yellow metal including being a store of value, scarce, being perceived as being resistant to inflation, and a hedge against turmoil in traditional markets \u2013 many of which have been pushed in a tailspin since the coronavirus outbreak.\u201d<\/p>\n

The deVere CEO says: \u201cWhilst coronavirus and geopolitical tensions have certainly been underscoring the reputation of decentralised, non-sovereign, secure currencies, such as Bitcoin, as safe-havens, they are somewhat peripheral drivers for why cryptocurrencies are now regarded as the future of money.<\/p>\n

\u201cThese key other factors include that they are digital, they are global, they solve real-life issues, big tech and institutional investors are coming off the sidelines, and worldwide demographics \u2013 the growth of the native digital generation – are on the side of crypto, meaning the future is, too.\u201d<\/p>\n

Mr Green concludes: \u201cWhilst there will be minor peaks and troughs \u2013 as in all markets – I predict the overall trajectory of Bitcoin to remain upward until such time as coronavirus peaks.\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 Bitcoin\u2019s price is likely to continue to rise until the coronavirus peaks, affirms the CEO of one of the world\u2019s largest independent financial services and advisory organizations. The comments from Nigel Green, chief executive and founder of deVere Group, comes as the price of the world\u2019s most influential digital currency has gained […]<\/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-164306","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/164306","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=164306"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/164306\/revisions"}],"predecessor-version":[{"id":164307,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/164306\/revisions\/164307"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=164306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=164306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=164306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}