Why can cryptocurrencies become the real alternative to gold?
Last week we witnessed new market lows. However the weakening of Russian ruble and discussions on restrictions of operations with the US dollars may add to increase in demand for cryptocurrencies from Russian investors. Pavel Salas, The CEO of Tokenbox, is convinced that Bitcoin or Ethereum are the real alternatives to the traditional financial instruments, such as the Swiss franc or gold. We share his opinion with you below.
“As the Federal Reserve decided to abandon the policy or reductions and gradually implement the plan to minimize the dollar turnover, here is what we are seeing right now, — said Mr. Salas — As the dollar price is changing we’re observing the consequences of those actions in some countries’ economies.
For example, the price of Turkish lira and Russian ruble have depreciated against the US dollar massively over the past week. No wonder that many people are looking for an alternative way to save and multiply their assets. One of the easiest ways for now is just buying the US dollars out. But when it comes to a growth potential, what people start to seriously consider are the digital currencies. People invest in them in order to avoid the fiat currencies. Moreover, thanks to multiple tech startups that make a crypto-fiat conversion (and vice versa) a lot easier we might see a lot of middle class cash flowing in the crypto market.
If a traditional market crisis happens, many people will most likely buy Bitcoin or Ethereum. It’s these currencies that are the real alternatives to the traditional financial instruments, such as the Swiss franc or gold. What is really important is that Bitcoin is actually global, not being tied to an economic system, or a particular country. This is why its price can go up anytime soon. As for the crypto market itself, due to a low level of liquidity some new money might actually cause an increase. The anticipated growth of the top cryptocurrencies may ignite growth of altcoins as well. However, we advise to be extra careful as alts often contain high investment risks”.
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