- Bitcoin now acting as safety for volatility in the fiat world
- US customers are creating market buying pressure
Amid the lasting and exacerbating trade war between the United State and China (2 biggest economies of the world), coupled with the suggested embargo by a US congress man, people have begun panicking that US, including its currency, might soon face hard times.
This year’s gathering of the cryptocurrency and blockchain technology world at the Consensus 2019 hosted a number of who’s who in the industry with series of intriguing events.
At the summit, the founder of Transit Wireless (a tech company connecting all New York underground subway stations with wireless service), Alex Mashinsky, stressed his bullish opinion on the price of Bitcoin during an interview staged by BlockTV.
Mashinsky said due to the ongoing trade war between China and US which gestures no ending, the US Dollar and other currencies connected to it would likely face volatility, thus giving people reasons to look elsewhere in putting their assets.
Mashinsky who doubles as the founder of a crypto lending network based in US, Celsius Newtwork, in the interview said this could result into an inflow of 1% of world’s money into Bitcoin, and the coin would undoubtedly spike to $10,000, $20,000 and $30,000 as soon as possible.
Bitcoin Price Action on Coinbase and Bitfinex Signifies More Adoption and Price Boost
When asked about the possibility of the forecast, he said the price action of Bitcoin on Coinbase (a US based crypto exchange platform) and Bitfinex (an exchange platform headquartered in Hong Kong) attest to his assertion.
It has been reckoned that the price of Bitcoin on Bitfinex has been higher than that of Coinbase’ in the last 2 year. During this time, Bitfinex’ Bitcoin price topped Coinbase’ by 3, 4 or 5% consistently.
After the allegation made against Bitfinex by the New York Attorney General, the difference spiked further to about 7% as price on Bitfinex led other major exchanges by about $300.
Alex said a reversal of this scenario is now in place, the price of Bitcoin on Coibase at present is higher than that of Bitfinex.
He opined that it is a clear indication that the money or buying pressure is coming from US customers or Coinbase customers, rather than Asian customers as to where Bitfinex is situated.
“So we have flight to safety,” Alex postulated over the imminent performance of Bitcoin in the market.
The CEO of the crypto credit facility said this is a dream come true for all and sundry including creator Satoshi.
“For the first time in 10 years since Bitcoin was created, we have finally seen what we want to see”, Alex continued. “Bitcoin is now acting as a safety when there is volatility in the fiat world.”