In the midst of the global crisis, both gold and bitcoin appear to be the most stable assets, a Bloomberg report describes.
According to a Bloomberg report, Bitcoin and gold are preparing to become the most stable assets in the Covid 19 crisis and to outperform traditional stocks.
The report from Bloombergensures that the Bitcoin is Reduce volatility and sign the transition to a more stable market. In this way, as the document describes, with the recent movements of the stock market, the Bitcoin would be close “Divorce” its correlation with stocks and closer to joining gold.
What the data shows is that the Bitcoin has matured as a gold storage mechanism, a process that should continue during the global pandemic crisis for the new Corona virus. The report says:
This year, in our opinion, will confirm Bitcoin’s transition from a risk-speculative asset to the gold version of the crypto market. From a volatility point of view, a decline in Bitcoin value and increasing changes in the stock markets favor the crypto asset
As described by Bloomberg, in The correlation of Bitcoin with gold was the highest jump in its database for 52 weeksThey also add that the relationship of Bitcoin with gold “About twice as much as stocks”.
Bitcoin and Post Covid-19 Gold
Bloombergrefers to the drastic measures some governments have taken in the midst of the coronavirus crisisThey are closely related to the large-scale reproduction of banknotes from central banks. In this situation it is Gold and Bitcoin seem to be the big beneficiariesdescribe:
Bitcoin and gold are also the main beneficiaries of the unprecedented monetary stimulus that is accompanied by a tailor-made reverse exchange market
Regarding the forecasts, the report found that by the end of the year Gold will break the all-time high and hit $ 1,900. For its part it is Bitcoinwho took advantage of the situation from Covid-19 from the other cryptocurrencies, continues uphill after his fall.
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