- US-China trade war is a blessing in disguise for Bitcoin.
- Dollar and other currencies devaluation to take Bitcoin to 10k, 20k and 30k.
The US-China tension bordering on tariff hike seems to be escalating as both entities continue to dig their ground in a mode that will make it hard to resolve. However, analysts in the crypto space have accented that it would be a big blessing for Bitcoin and other coins especially amid the proposed ban by the US congress man.
At the just concluded Coinsensus 2019, the CEO of Celsius Network, Alex Mashinsky was interview by BlockTV on his view about the present Bitcoin rally, and the fact that it has been able to break the long-term psychological support.
Alex responded swiftly and said the present happening in the crypto space is much more than cryptocurrency itself, and the waves of adoption have been a major underlying factor.
Alex said it all started on April 1st, and people tagged it as April fool’s update. Afterward, we have seen 3 to 4 strong waves as Bitcoin continues to trend up from 5K to 6K, 6.5K and 7.5k with no resistance.
“It means no one is selling and everybody is buying”, Alex said.
The CEO of the United State based crypto lending network said a full explanation of this can be extracted from the tension US is placing on China. The trade war would likely affect US Dollar, and since most fiat currencies are connected to Dollar, people are on the course of deciphering where they now want their assets, he stated.
“If US and China goes into real war, Dollar will get really hurt,” Mashinsky added that other currencies connected to Dollar will also be affected.
“If 1% of all moneys in the world is trying to get into Bitcoin, that means we are going to 10k, 20k, 30k very very quickly,” Alex stated.
This means the fact that cryptocurrency (Bitcoin) continues to get adoption from big institutional firms, small and medium scale companies as well as individuals around the world, is an attestation that the virtual currency in being viewed as a way out of fiat currency volatility. The case of Venezuela is a big example.
Thus, Bitcoin is sure of seeing an inflow of more than 1% of world’s money as it moves closer to mainstream adoption.