There are many different opinions on whether Bitcoin should be considered a safe-haven asset or not. Cobra, the co-founder of Bitcoin.org, certainly doesn’t seem to be thinking along those lines.
Most Bitcoin enthusiasts are quite familiar with the name Cobra.
For better or worse, this individual often shares personal thoughts and opinions on all aspects of Bitcoin.
Recently, he explained why the world’s leading cryptocurrency shouldn’t be considered to be a safe-haven asset during the coronavirus.
It is a sentiment that many others share.
Bitcoin is anything but a stable asset, and certainly remains linked to traditional market momentum.
Cobra is convinced that cryptocurrencies are not a hedge against traditional finance.
Nor will Bitcoin and other assets negate losses from a recession or stock market collapse.
In that regard, the coronavirus may have very negative effects on Bitcoin moving forward.
It is an asset that, according to Cobra, is primarily purchased when users have an excess of cash.
During the coronavirus crisis, that will be anything but the case.
As such, demand is likely to decrease, potentially driving prices down even further.
How the Bitcoin halving will factor into all of this, remains to be determined.
Even so, the coming months will undoubtedly get very interesting.
Core Foundation has just announced a new partnership with Z Protocol, and it’s already getting…
Binance Wallet is quietly stepping into one of crypto’s fastest-growing sectors, prediction markets. According to…
As concerns around quantum computing and crypto security continue to build, Changpeng Zhao is stepping…
Bitmine Immersion Technologies, led by Tom Lee, is continuing to build aggressively on its Ethereum…
Something interesting just played out within the Ethereum space, and it didn’t take long before…
It’s becoming more obvious by the day that Ethereum is not slowing down anytime soon,…