Bitcoin price to surge in tandem with gold on U.S.-China tensions
July 27, 2020 (Investorideas.com Newswire) Bitcoin is set to surge this week, securing its safe-haven status as U.S. -China tensions escalate, affirms the CEO of one of the world's largest independent financial advisory and fintech organizations.
The comments from Nigel Green, the chief executive and founder of the $12bn finance giant deVere Group comes as the price of Bitcoin rallied past $10,000 on Monday.
Mr Green says: "Bitcoin, the largest and most influential cryptocurrency, shot past the key $10,000 resistance marker - all eyes are now on the critical $10,500 level.
"Established Bitcoin bulls and new crypto investors could make this happen this week as tensions heightened between the U.S. and China, the world's two biggest economies.
"Investors are flocking to safe-haven assets, in particular those not tied to any specific country, such as Bitcoin and gold, the latter of which hit record price highs on Monday."
The gains come as Washington last week closed China's consulate in Houston, and in response prompted Beijing to shut down the U.S. consulate in Chengdu.
"Bitcoin is currently realising its reputation as a form of digital gold. Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin - which shares its key characteristics of being a store of value and scarcity - could potentially knock gold from its long-held position in the future as the world becomes ever-more tech-driven," says Mr Green.
He continues: "Geopolitical issues, such as the U.S.-China spat, will prompt many savvy investors to increase exposure to decentralized, non-sovereign, secure digital currencies, including Bitcoin, to shield them from the turbulence taking place in traditional markets."
The deVere CEO concludes: "Cryptocurrencies are widely regarded as the future of money - yet what is less reported upon is that Bitcoin and its peers are increasingly regarded a safe haven in the present."
e: george@priorconsultancy.co.uk
t: +44 207 1220 925
Twitter: @PriorConsults
deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.
More Info:
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
