Bitcoin grows strong as a safe haven asset

The silver and gold experienced significant rises this week and experts say it is a good omen for bitcoin . The main cryptocurrency has shown its strength so far in the COVID-19 pandemic , and since the beginning of the year it has demonstrated its behavior as an " active refuge ".

The gold established this week , a new maximum of eight years after exceed USD 1,750 per ounce troy . The silver , meanwhile, grew by 5% and returned to a maximum of 3 months . Both metals have historically acted as a safe haven for investors in times of economic difficulties or political tensions.

Important investors in traditional markets are waiting before the movements of the main central banks . The inflation risks after the degradation of fiat currencies has been the main factor in the growth in demand for gold and silver , and also for bitcoin .

Although precious metals are scarce goods, the remaining supply that remains to be extracted from the earth is not yet known. This is where BTC runs ahead. The " digital gold " has a limit maximum of 21 million coins .

The experts argue that the money supply by central banks and large stimulus packages of governments , especially the United States are rekindling interest in one of the oldest shops in the market .

Although some analysts compared the situation to the 2008 crisis (when the gold trade was unsuccessful), former chief economist at the International Monetary Fund  Kenneth Rogoff said that "the global nature" of the coronavirus crisis is "different". According to Rogoff, in 2008 the countries in crisis were "the rich and not the emerging markets ", and the political response this time is different.

That said, the crypto ecosystem is on the lookout for whether the growth of gold and silver , and fears of inflationary jumps from heavy currency investment due to the crisis, are the necessary thrusts for BTC to cross once and for all. all the $ 10,000 barrier and get used to the five figures.

Despite having more than 10 years of history, the cryptocurrency is still a new asset in the markets , although this crisis may be a before and after in its global adoption .