It could be Bitcoin’s time to shine
Amidst the panic that pervaded the markets last week, Anthony Pompliano wrote in his “Off The Chain” newsletter that “Bitcoin was built for this scenario.”
Forbes chimed in as well: https://www.forbes.com/sites/billybambrough/2020/03/17/bitcoins-time-is-now-dont-miss-it/#3e65f85d1efa
Even after the federal reserve announced a $1.5 trillion monetary stimulus, the stock markets continue to fall. The Fed is printing more money, hyper-inflating the dollar, while the bitcoin’s supply will be cut in half in 54 days.
While the traditional markets rely on government intervention and circuit breakers to prop them up, Bitcoin presses on unfettered. While its price rises and falls freely; there is no need for a Bitcoin Federal Reserve to make more out of thin air.
Initially, gold and bitcoin fell along with the traditional markets. Pomp speculates that this is due to people liquidating all risk assets into cash. Currently, BTC is correlated very closely to the S&P 500. People are wondering whether it will live up to its name of “digital gold.”
If Bitcoin is actually a safe haven asset, as many crypto investors see it, Bitcoin could rise from the ashes showing its true colors.
During this turbulent time, here are some resources crypto investors may find useful:
Luke Martin sends out a market update email nearly every day along with a chart analysis youtube video. I have followed him for a few years, and he’s a great crypto trader.
Pomp posts a lot of interesting ideas on Twitter. He also has a newsletter.
CoinDesk is a great news source to follow the crypto markets.
Stay safe!
