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This weekend while the whole world was taking a break for holiday festivals, Bitcoin made a big jump outperforming all major assets on the foreign exchange market. For those who are just hearing about Bitcoin, it is a peer to peer network for virtual cash which allows the beholder to easily move it across borders with little to no control.
Wedbush Securities Director of Research Gil Luria says that “Any type of restriction, capital flows from china; the elimination of cash in India; threats on remittance between US and Mexico, anything like that, that creates an incentive for people to use bitcoin.”
The sudden shift in strength for bitcoin is strongly influenced by the market outside foreign exchange. Due to this, people are pushing their money in to a safe intermediary like bitcoin before re-investing into a hard commodity. Gil Luria states that control on bitcoin usually is temporary and short term and can occur in a series of intense change of status quo.
People are starting to see bitcoin, very much like gold, as a currency haven due to its low geo-political risk. We have also seen gold out perform gold this weekend as many have dumped it on the market. We can expect to see Bitcoin stay strong this week while people evaluate which commodity is the safest to enter back into.
For more on the topic check out the video below.
Vorto Trading partners with SendThatCash for foreign exchange comparisonTue, 02 May 2017 - 12:32 AM