Us-Chine Trade War Worsening Causing BTC Price Rise
Digital Currency Group CEO and founder Barry Silbert has suggested BTC’s recent rice in prince could be rooted in the worsening trade war between the United States and Chine, Fortune reported on May 20.
The cryptocurrency’s CEO pointed out in an interview that the price acceleration happened in conjunction with talks between Washington and Beijing breaking down.
Silber has been a long time advocate of cryptocurrency and pointed at recent events being proof that Bitcoin has become a safe haven to store money when there are dramatic events happening on the global economic stage. He also gave other examples of BTC going up in value just as traditional stock markets stumbled, adding:
“If you look over the past five years – when Brexit happened, Bitcoin went up. When Grexit happened, Bitcoin went up.”
The trade war between the U.S. and China has resulted in an escalating tariff requirement on good’s between the countries, making products priced higher for consumers on both ends.
This change of events encouraged one of Digital Currency Group’s subsidiaries, Grayscale Investments, to launch an ad campaign at the start of Ma, urging investors to embrace bitcoin and run from gold because of the market scare.
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