CEO of the consulting company deVere Group, Nigel Green, says that very turbulent times are ahead when it comes to financial markets, and Bitcoin is to become a kind of remedy.
According to Nigel Green
, trade clashes between the United States and China are supposed to be the main reason for uncertainty in the markets in the coming months. During this period of a possible crisis, Bitcoin
is to become a shelter for global finances.
Green in an interview with The Independent
The world’s largest cryptocurrency, Bitcoin, jumped 10% as global stocks were rocked by the devaluation of China’s yuan as the trade war with the US intensifies. This is not a coincidence. It reveals that consensus is growing that Bitcoin is becoming a flight-to-safety asset during times of market uncertainty.
The CEO of deVere adds that Bitcoin
is currently beginning to gain the reputation of "digital gold"
. Interestingly, BTC's price
increase is almost directly proportional to the gold price increase in recent months.
Fiduciary currency crisis
mentioned by Green is in real crisis since the US introduced additional tariffs on Chinese products. The Chinese currency has reached its lowest level since ten years, which also affected global financial markets.
Moreover, as a result of Brexit, the eurozone and British pounds' futures are at stake - Boris Johnson
, the newly appointed Prime Minister, is against the European Union. His influence could lead to leaving the Union without the contract, which would weaken the European economy significantly and could also make people look favourably towards cryptocurrencies.