The future looks bleak for the global economy as the coronavirus crisis continues to affect our societies. This has led some financial analysts to predict that the downturn on the global markets is not yet over. Given such a complex situation, we wonder whether Bitcoin and gold will be the active ports in the coming years.
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Coronavirus and valuable accommodations. The effects that the coronavirus has on
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should not be underestimated. No matter which region of the world we investigate, the prospects are bleak. For social distancing measures, especially quarantine, have radically changed consumption and production patterns around the world.
We see airlines struggling to survive with daily losses of millions of dollars. When the oil hits negative territory, when oil stocks reach their maximum storage capacity. And the factories shut down because their workers can’t get to their jobs.
This creates the perfect conditions for valuable refugees to shine around the world. This is because the price of these financial products is not directly correlated with world markets. Large capitals often turn to them in times of political, economic and social uncertainty.
This is why billionaire Paul Singer expects the stock market to lose up to 50% of its peak value in February. We can expect an increase in demand and thus in the price of these valuable, safe havens.
Coronavirus and Bitcoin Price: Is it really a safe haven for values?
Gold and Bitcoins, indispensable safe havens?
And among these havens of value products, two of the most important are gold and Bitcoin. Gold is also the world’s best-known asset reserve. Nevertheless, the increase in its price since the beginning of the coronavirus crisis has been important, but not in proportion to the decline in the markets. This recently prompted Singer to comment that the precious metal is undervalued.
Bitcoin, for its part, has yet to establish itself on world markets as an active refuge of value. In the crypto world, there is a big debate about whether Cryptomoney should focus on trying to become the „digital gold“ of tomorrow. Or whether it should instead pursue its original mission of being an alternative to traditional fiat money.
In this way, in the midst of the current economic crisis, gold and Bitcoin would share two common characteristics. On the one hand, both assets have managed to increase their value significantly since the beginning of the Covid 19 crisis. They show that they can be an ideal value refuge for large investors.