Bitcoin's recent rally past $11,000 for the first time in about a year has been impressive by many standards.
"Two of the last three times #Bitcoin rose above $10,000 in Oct. of 2019 and in Feb. of 2020 it soon fell by 38% and 63% respectively. The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It's above $10,000 again today. How big will the next drop be?".
The crypto asset branch of Fidelity Investments - a $2 trillion Wall Street asset manager and financial services company - released a report on Jul.
Why Bitcoin demand will increase in the long run: Fidelity Investments.
An increase in monetary and fiscal stimulus triggered by the economic effects of the pandemic will likely make investors to "Turn to a new type of fixed supply asset as protection against potential inflation or low-interest rates, but with significant growth potential - bitcoin."
Paul Tudor Jones, a billionaire hedge fund manager, has acknowledged Bitcoin.
Even if we don't see hyperinflation, Bitcoin's potential ability to store wealth over long periods of time, compared to the slowly inflating fiat currencies, should give it a bid in the decades ahead.The world is undergoing a "Great wealth transfer" from baby boomers to the younger generations.
This shift in wealth should naturally favor Bitcoin as there are more millennials bullish about crypto than baby boomers.
In that survey, it was said that 80% of investors surveyed find something interest about the crypto asset class.
What makes digital assets interesting, according to the results, include crypto's long-term upside potential, the technological developments of the industry, and Bitcoin and other altcoins being uncorrelated with other asset classes.
$2 trillion asset manager reveals 5 reasons why Bitcoin demand will increase
Published on Jul 31, 2020
by Cryptoslate | Published on Coinage
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