Forex and Crypto News

Bitcoin is like gold in the 1970s

17:21 08 May /2020

The cryptosphere is discussing a statement by macro-investor Paul Tudor Jones, who is betting on Bitcoin. The investor believes that Bitcoin will become a refuge for capital after the global inflation begins, caused by weak monetary policies, as well as the economic consequences of the coronavirus epidemic in the world.

Paul Tudor Jones made such a statement in connection with the heated debate that global inflation could start due to the unlimited printing of US dollars to help businesses in the world.

Paul Tudor Jones explained that Bitcoin and the macroeconomic situation around him reminded him of gold in the 1970s. Bitcoin is valuable due to its deficit. It is regarded as a stock of value, a medium of exchange, and a unit of account. You can’t just buy it. This can be done through spot exchanges or over-the-counter exchanges. Transactions can be tracked and controlled.

If we compare the price movement of gold in the 70s with the price movement of Bitcoin, we can assume that bitcoin can reach the price of $ 40,000 soon.

This statement by the investor says that interest in Bitcoin is growing among large investors. This is reinforced by the growing interest (OI) of BTC on the CME.

Bitcoin was able to show significant growth yesterday. He was able to rise to $ 10,000 following news from Paul Tudor Jones. However, analysts also associate Bitcoin's rise with the approaching halving date.

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