Is Bitcoin the new “safe haven” asset?
How do you explain the sudden surge in the value of the cryptocurrency over the past several days?
Marketwatch suggests a few reasons:
(i) the “technicians” claim that it has found a new high low (huh?);
(ii) the digital asset is slowly being accepted by legitimate institutional buyers;
(iii) the public is finding that the coin may be a substitute for gold as a place to go when the markets are crazy; or
(iv) there is some grudging acceptance of Bitcoin as a medium of exchange, notwithstanding the continuing hacks costing millions of dollars.
Is it a case of musical chairs or a real commodity?
Only time will tell…