CEO Circle: Bitcoin’s rise confirms it …
CEO Circle: Bitcoin’s rise confirms its status as a hedge against the collapse of traditional markets
Jeremy Aller, CEO of payments company Circle, argues that today’s rise in the price of bitcoin is a confirmation that investors are increasingly inclined to view cryptocurrency as a safe asset during times of declining stock markets..
“Humanity has created a non-sovereign, highly secure mechanism for storing valuables that can exist wherever the Internet is. It does not lend itself to censorship or confiscation, ”Aller told CNBC.
CEO Circle believes that recent developments in global politics and economics make Bitcoin “a truly attractive asset.” The same opinion is shared by analysts at Binance Research, who linked the growth of bitcoin with the trade war between China and the United States in one of their recent publications..
According to Aller, the rise of nationalist sentiments, currency conflicts and trade wars have a positive impact on the price of bitcoin. When asked if the market decline could be partly due to an outflow of capital from Chinese investors in bitcoin, Aller said it was possible. He also noted that, despite the official position of the state, China is still actively trading cryptocurrencies through offshore platforms..
In addition, Aller commented last week on reports that the People’s Bank of China is accelerating the development of its own digital currency. The move demonstrates that national governments can launch digital currencies that will have instant global reach thanks to the internet, he said..
According to CEO Circle, people who lost money on cryptocurrency investments in the past year will start returning to the market, as its fundamental characteristics have not changed, despite the price collapse. Bitcoin has a long future as a store of value, like some other cryptocurrencies with unique characteristics, he concluded..
Investor Peter Schiff has a different opinion, who said that bitcoin is now being bought mainly by speculators who expect that Chinese investors will start buying it for them..
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