What is Bitcoin like gold? An opinion of a trader of Oanda

Best Bitcoin will reach their potential as a means of accumulation. This statement attempts to refute a trader from new York-based company Oanda Stephen Innes. In his opinion, the main cryptocurrency falls for one reason only — she still has not found its application in the real world. Innes also compared the hype around Bitcoin with Tulip fever.

History lesson

The expert thinks that in the near future the sellers of cryptocurrency at least stop the dump of course.

It was a terrible year for the crypt. Judging by all indications, a bear market could get worse without any fundamental or technical prerequisites to the purchase of Bitcoin.

Something Innes all the same rights, Bitcoin is far from a smart idea Satoshi Nakamoto as the cryptocurrency is not used as a global digital medium of exchange everywhere. The cause is a too high volatility of BTC. If the coin was more stable, she could be a good chance.

In 1971 during the reign of President Nixon cancelled the gold standard. After a short time the precious metal has experienced a period of tremendous volatility. In 1974, gold bullion has increased in price by 73 percent, however, in the following year it fell by 25 percent. The second precedent is the sharp fall of gold in the third in 1981, then the dump happened almost immediately after takeoff 121 per cent.

Source: Thirteen

In other words, even after the loss, it would seem that its main purpose, gold has maintained its position in global markets. It is still quoted everywhere and is a welcome asset.

Is Bitcoin the same fate? No one knows yet. Today, the coin is trading at the level of 3300 dollars, at an annual minimum. In any case, the industry of cryptocurrency is only at an early stage of development, so there is a lot of interesting things.

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