Bitcoin Valued as Financial “Safe Haven” Compared to Other Major Currencies
Bitcoin has a fair amount of mainstream critics and ‘haters’ when it comes to its value and relevance as a globally traded currency. Some of this is borne out of an equal amount of fear and ignorance of what Bitcoin is and represents, while a portion is also based, legitimately, on recent events like the Hash Ocean collapse.
Be that as it may, Bitcoin has proven to be quite valuable and relevant to those looking to protect their wealth under these ever more turbulent economic times. People stop snickering at Bitcoin when they actually do the research and discover the impressive value the digital currency has to offer. When it comes down to it, the smart money has been on Bitcoin for quite awhile, and the mainstream is beginning to notice this fact.
Bitcoin becomes a financial ‘safe haven’
In the world of economics, the term ‘safe haven’ is a relative term. From the fall of 2013, through the Mt. Gox collapse, to early-2015, Bitcoin was seen as a laughing stock, rising 800%, only to crash back to previous levels. Well, nobody’s laughing now, especially those invested in the British Pound and Euro.
According to Bloomberg, Bitcoin has become less volatile than the Pound since the Brexit, and this may not change for some time. British pound values have dropped to 30-year lows and investors are moving quickly into BTC for relief.
This post was published at Coin Telegraph on 2016-07-13.