After initial difficulties, Bitcoin (BTC) can use the corona crisis more and more in its favor, because the market-leading cryptocurrency has already gained more than 80% in just one week.
While the stock markets continue to be badly hit by the crisis, Bitcoin has turned 180 degrees.
Raoul Pal: Financial system could collapse
As the data from Coin360 and Cointelegraph Markets show, today, March 20, Bitcoin climbed to an interim high of $ 6,650 and has seen gains of more than 20% in the last 24 hours alone. Compared to the previous week, when the market-leading cryptocurrency slipped to $ 3,700, this corresponds to an increase in value of 79.5%.
So while the corona virus appears to have completely opposite effects on Bitcoin, the first analysts are already celebrating a swan song on the traditional financial system, which is still badly hit by the crisis.The cryptocurrency appears to be predestined to be a beneficiary should the traditional markets really not be able to recover.”I can’t express how optimistic I am about Bitcoin right now,” said Raoul Pal, founder and CEO of Global Macro Investor, on Thursday, considering the current situation for the cryptocurrency.