Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin
Demand for gold is skyrocketing and the clamor for scarce assets in a remote-first world was precisely where bitcoin was supposed to shine. But it's complicated.
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About
Bitcoin is a cryptocurrency which isn’t managed by a bank or agency but in which transactions are recorded in the blockchain that is public and contains records of each and every transaction that takes place. The cryptocurrency is traded by individuals with cryptographic keys that act as wallets. Bitcoin was first invented in 2009 by an anonymous founder known as Satoshi Nakamoto. Bitcoins are moved in blocks every 10 minutes on a decentralized ledger that connects blocks into a coherent chain dating back to the first genesis block. It was originally described as a peer-to-peer electronic cash but the technology has evolved to emphasize being a settlement layer rather than a payment network. This has left integrated second layer solutions, like Lightning Network, to prioritize that use case. It has remained the largest cryptocurrency by market cap.
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In a role reversal befitting these topsy-turvy times, Wall Street has recently seen more turbulence than the average for the top cryptocurrency.
Digital Farms is halting operations due to low bitcoin prices, its owner says.
The March 12 crash is still fresh in crypto traders’ and fund managers’ minds, leaving some to think no trading decisions are the best decisions for now.
Bitcoin may not be out of the woods yet, but prospects of another sudden price crash now look to have diminished.
U.K residents are being warned against scammers claiming to offer information on locals infected with coronavirus for payments in bitcoin.
