Bitcoin and COVID : Good Partners ?

By Lodhfiaz | Lodhfiaz - Cryptocurrencies | 6 Jun 2020

The coronavirus would promote the democratization of Bitcoin. At least that's what Mike McGlone, an analyst, suggests in his report for Bloomberg Intelligence.

According to him, and I quote :

The coronavirus is accelerating Bitcoin's maturity vs. the stock market and crude oil, supporting price appreciation for the crypto

So the trend would be very favorable to Bitcoin and to cryptocurrencies. He also adds that :

The rapidly increasing market capitalization of stable coins indicates currencies are going digital and supports the Bitcoin price. Covid-19 is hastening the shift away from paper money and stimulating plenty of quantitative easing, which is helping independent stores-ofvalue such as gold and Bitcoin.

The analyst lets himself go in his report to some predictions regarding the price of Bitcoin. According to him, Bitcoin could reach $20,000 this year.

It is true that following the coronavirus, more and more people are interested in cryptocurrencies. These people are looking to invest in order to protect themselves from the next financial crisis. Therefore, Bitcoin and cryptocurrencies seem like the perfect escape.

This report confirms once again the opinion of many people in the community who think that the halving of May will give rise to a big pump in the price of Bitcoin.

And you what do you think about it ?

Thanks for reading, have a nice day !