While innumerable intellectuals keep on argueing whether Bitcoin (BTC) can be viewed as a store-of-value asset, John Bollinger, the innovator of the Bollinger Bands (BBs) indicator, as of late opined that it at last relies upon your perception.
Bollinger accepts that there is no surefire method for deciding the ‘safe-have-ness’ of a specific asset. If enough individuals that a specific asset is a support against worldwide economic vulnerability, it will most likely go about as one.
Per the many comments to my note on the safe-haven status, or lack there of, of Bitcoin. Safe-haven-ness is a matter of perception, not fact. If an asset is thought to be a safe haven, it is. The matter is entirely psychological.
— John Bollinger (@bbands) March 10, 2020
Bitcoin Leaves Its Supporters in Dismay
Bitcoin’s 16% droop that occurred in the course of the most recent couple of days has left a gouge in a well known safe-haven narrative. With every rad light, there appeared to be less individuals who accepted that the benchmark cryptocurrency is really the digital gold that it is broadly accepted to be.
Bollinger recently tweeted that he expected Bitcoin to weather out the spiraling monetary turmoil. Shockingly enough, the CEO of Coinbase, Brian Armstrong, likewise accepted that the cryptocurrency lord could really acknowledge right now.
A Very Dubious Standpoint
It is too soon to advise whether Bitcoin’s failure to mobilize even with the worldwide financial disturbance will prompt a sensational move in how it is seen by investors. Business analyst, Alex Krüger says that the asset’s present viewpoint remains ‘very uncertain.’
Earlier today, gold bug Peter Schiff stated that Bitcoin (BTC) was ‘done’ since it can’t fill in as a store of value.
In the mean time, Ari Paul of BlockTowerCapital believes that it’s too soon to write off Bitcoin as a safe haven in the world with negative interest rates.