Global lockdowns ease, but is a credit crisis looming? And Bitcoin’s halving is just around the corner

By Jonathan Jackson. Published at May 8, 2020, in Features

There has been a lot of talk about Bitcoin this year and once again flying high.

We opened the year with Iran/US tensions driving up the price of the cryptocurrency by 5%.

Nigel Green, the chief executive and founder of deVere Group said at the time, “We’ve seen Bitcoin price surges before during times of heightened geopolitical tensions. For instance, in August it jumped as global stocks were rocked by the devaluation of China’s yuan during the trade war with the US.

“This latest Bitcoin price increase underscores a mounting consensus that Bitcoin is becoming a flight-to-safety asset.

“Bitcoin is living up to its reputation as ‘digital gold’. Bitcoin - which shares gold’s characteristics of being a store of value and scarcity and of being perceived as being resistant to inflation – could potentially dethrone gold in the future as the world becomes increasingly digitalised.”

That could be a long way off as scepticism (rightly or wrongly) is still pervasive when robust discussions about its merits hit the chat rooms.

Bitcoin was one of the best performing assets of 2019, so perhaps there is something there for investors.

The coming halving, which sounds to me like some cultish ceremony, is expected to boost the price further. The halving will take place on 12 May and is the third since bitcoin was created just over a decade ago.

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