BTC Adoption In Sports Is Rising As NBA’s Houston Rockets GM, Daryl Morey Buys More Bitcoin
The US-China economic warfare is heating up again and the financial future of the whole world is at stake. As most of our readers remember, Bitcoin is one of the best hedges against the climate of economic uncertainty.
Pomp pointed it out citing a Donald Trump tweet on the ongoing issue. Daryl Morey replied to Pomp saying that he just bought more Bitcoins.
I just bought more
— Daryl Morey (@dmorey) August 23, 2019
Most economists believe that there is a financial crisis on the horizon. It is widely accepted that Satoshi was unhappy with the economic situation at the time which led to the inception of Bitcoin in 2008. Bitcoin's uptrend has continuously been higher because it was originally developed to protect and possibly try and prevent the next financial crisis.
Bitcoin, is a perfect hedge against macroeconomic turmoil, geopolitical debacles, inflationary monetary policies, irresponsible fiscal policy, and so on and so forth.
This next recession will likely be correlated with a currency crisis due to all the massive monetary easing around the globe and the enormous amounts of debt held by developed governments. Bitcoin is an ideal source of capital preservation. You own it, and it is essentially immune to central-bank engineered inflation, devaluation, and other detrimental government, big bank, and central bank interference and manipulation.
Earlier this week eToro analysts noticed that cryptocurrency trading volumes went up following a certain turning point in the trade war. Particularly, the number of new Bitcoin (BTC) positions on eToro's trading platform surged by 139% on May 13, after China retaliated against the US’s decision to hike tariffs. Similar momentum is there on days when the trade tensions are escalating.
This is not the first instance of professional sports executives advocating to be bullish on Bitcoins. Russell Okung, an American football offensive tackle for the Los Angeles Chargers of the NFL has likened his crypto-awakening to ‘taking the red pill’, and questioned: “How could something so wrong make me feel so right?”