Financial experts believe that many retail investors have begun to bet on BTC as a good hedge against business turbulence during the ongoing trade war between the United States and China. The news was first published by the London Economic on august 29th which cited data that had it obtained from eToro. eToro is a social network and multi-asset investment platform based in the United Kingdom.
Connected Uptick in Gold And Bitcoin Positions
The data from eToro showed that there was a correlated uptick in both Gold and Bitcoin positions on its social networking and trading platforms. This came in the heels of news announcements indicating that the tensions between China and the United States were likely to continue escalating.
Although many have always seen Gold as the best investment option when there is geopolitical or macroeconomic instability, the data points from eToro show that some investors have started to view Bitcoin as a stable and reliable form of digital gold.
They are, therefore, using Bitcoin to store value as they wait to see how the trade wars between the two superpowers will proceed. Crypto enthusiasts can use Bitcoin to store their assets in the current uncertain global climate.