There are all kinds of optimistic predictions about the price of Bitcoin these days.
BTC dropped below $17k recently, but now it seems that the king coin is making efforts to surge above $19k again.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $18,462.15.
This is a massive fuel for Bitcoin
Crypto rating agency Weiss Ratings just reported that the anticipation of a post-Covid world is fueling Bitcoin’s ascent while other safe-haven assets like gold are losing steam.
The online publication the Daily Hodl notes that Weiss analysts Juan Villaverde and Bruce Ng assess market reactions after pharmaceutical giants Pfizer and Moderna announced they have working vaccines against Covid-19. Their vaccines are also reportedly at least 95% effective.
It’s been revealed that investors are pricing in the possibility of a viable vaccine as they begin to rework their portfolios and ignore safe-haven and big tech assets that pomped during the pandemic.
It’s also important to note the fact that gold and bonds fell victim to market reshuffle, but Bitcoin was able to float and even flourish under the assumption that the world will undergo a “speedy post-pandemic recovery,” says Weiss.
“Gold prices have basically been dead-in-the water ever since. Bonds managed to claw back only about two-thirds of their post-Pfizer plunge. Bitcoin, on the other hand, blasted through $17,000, $18,000 and $19,000 – in short order,” according to the official notes.
More than that, Villaverde and Ng also highlighted the fact that in a post-Covid world, crypto may be the only safe-haven asset.
“Crypto-assets stand alone at the intersection of cutting-edge technology and sound money. That makes them the only sure defence against the coming digitization of fiat monies and the reckless monetary policies they will accelerate,” they say.
Also, “We are fast approaching a post-Covid world where the only viable, safe haven will be crypto. Think about it.”
Check out Weiss Ratings complete notes.