Bitcoin Is a Geopolitical Turmoil Indicator, Says Market Researcher
Co-founder of market analysis agency DataTrek Analysis Nicholas Colas says that Bitcoin (BTC) is a geopolitical turmoil indicator.
Bitcoin as a market indicator
In an interview with CNBC printed on Aug. 14, Colas claimed that Bitcoin was one of many few belongings of which the value predicted Hong Kong’s protests and the ensuing native capital flight.
When the interviewer requested him whether or not he believes that Bitcoin is a protected haven asset, he mentioned:
“We’re undoubtedly seeing that, and actually are perked up across the Hong Kong protests and a number of the forex flight that occurred out of Hong Kong and the mainland, and Bitcoin was one of many few belongings that we watched that really predicted that uncertainty forward of time. Nothing else was actually transferring, Bitcoin was.”
His remarks are consistent with what has been just lately mentioned by Peter Tchir, Forbes contributor and a former Govt Director at Deutsche Financial institution. He just lately wrote in an article that Bitcoin is a number one indicator of hidden geopolitical tensions.
Bitcoin continues to be new and really risky
The interviewer additionally mentioned that many buyers are involved about the truth that Bitcoin was price $20,000, and requested if there may be any assure that such a worth collapse gained’t occur once more. Colas answered stating that, certainly, it’ll occur once more since Bitcoin continues to be a brand new and really risky asset.
As Cointelegraph reported earlier right now, Bitcoin has begun buying and selling at a premium in Hong Kong as continued political uncertainty produces a widely-reported spike in demand.