This year, bitcoin will mature into a gold-like store of value. the cryptocurrency is poised for a bull run, after being temporarily dragged by the coronavirus-induced stock market tailspin.
the Bitcoin price could soar if the digital asset takes on a larger share from gold of what’s known as the store of value market. Investors are looking for ways to protect their wealth as global economic uncertainty increases.
The macroeconomic effects of the coronavirus accelerate bitcoin’s process of gaining value relative to other cryptos. BTC outperformed the Bloomberg Galaxy Crypto Index, surging 40% versus 13% decline in the index.
Bitcoin’s competition with gold has already started in our mind. That could mark a new dawn for the volatile digital currency after years as a play for speculators and retail punters.
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