Bitcoin has proven again with the recent bull run that it's currently more valuable than gold as a value store,according to the obvious. Bitcoin has had a few plunges during the pandemic, the worst saw the bitcoin kiss the lows of $4K. Bitcoin enthusiasts believe that these plunges are market corrections from the 2017 December 20K surge, some say the bitcoin went surging too fast and the plunges are evidence of it all. Bitcoin enthusiast had been waiting patiently for this moments of bitcoin surging highs, currently at $16K+. Estimates have it that bitcoin will break the next resistance of $19K although not all agree on this line of resistance, but most agree on the $17K support from the big picture view. Meanwhile American stock trader Peter Schiff is believing that the recent bitcoin bull run is a part of what he calls the "bitcoin bubble" and that the "bitcoin bubble" will burst soon enough to reveal that his favourite yellow metal aka gold is the supreme asset, it's only a matter of time. Schiff believes that the recent increase of institutional players, well known traders and trading firms preference of bitcoin over gold is a major high risk move as he tweeted :
Although it is undeniable that gold is the one heavy weight asset that has been around for thousands of years and proven its value in store, it remains the most valuable. The difference between gold and bitcoin is the fuel behind bitcoin market moves and the reason why most believe that soon after the $20K target, the next high target is in the $100K range within a short period that doesn't seem to increase the value of gold. Unless the bubble theory comes to past bitcoin remains unstoppable, millionaires and billionaires have started investing in bitcoin believing it to be a safe haven in times of uncertainty like these. From the reports, the investments from the high profiles are most likely to be hodled, which will be the cusion bitcoin needs to bounce on, to keep the bullish trends.
Meanwhile Chinese miners experienced cuts to their hash power as the government froze bank cards connected to cryptocurrency, leaving the miners unable to pay electricity costs amongst other needs in the midst of floods and the pandemic. China is still generating the world's most hash power rate reports cryptopotato.com, these recent developments could see local miners move to more favourable regions for cryptocurrency mining.
In the Middle East it is reported that the Parkistani Financial Regulators is working on regulating cryptocurrency but it's still not effective. Read more about it
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