Every technology that comes up initially faces a lot of flak. The same goes for Bitcoin. When it was associated with an idea of being a hedging instrument against severe economic conditions, several skeptics believed otherwise!
Today, apart from the loyal Bitcoin enthusiasts, several others are adopting the idea. BTC is being compared to the likes of Gold and silver. Can the Coronavirus pandemic soon change the fundamental way the finance industry works? Quite possible!
Where does the conventional system stand now and how does Bitcoin compare
The Mall of America closed its doors for the public in March. The nationwide lockdown restrictions due to the COVID-19 pandemic forced malls throughout the country to shut down.
The Mall of America came up in 1992. Its revenues are down by more than 85% in just the two months of lockdown. One of the biggest malls in the USA is now going to miss its second mortgage payment of $1.4 billion!
Several investors lost billions of dollars in the past few months. BTCUSD, however, gained around 35% during this period. Gold or XAUUSD gained approximately 14%.
Here is the BTCUSD hourly chart. Source: TradingView.com
Robert Kiyosaki: Buy Gold, Silver, and Bitcoin
One of the bestselling authors, Robert T. Kiyosaki of the ‘Rich Dad, Poor Dad’ fame, yet again tweeted last night on the importance of buying BTC. The tweet reads out as:
“MALL of AMERICA in Minnesota announced it will miss 2nd payment on its $1.4 billion mortgage. An intelligent question is “Who is not getting paid?” Dominos starting to fall. IMF says debt will rise from $6 trillion to $66 trillion by end of 2020. Buy Gold Silver & Bitcoin.”
Well-renowned economist promotes Bitcoin
In recent times, it was not just Kiyosaki, but several others who highlighted the importance of investing in Bitcoin.
Alex Krüger, a well-known economist, said one of the most bullish things that recently happened to Bitcoin is the appreciation it got from the billionaire hedge fund manager, Paul Tudor Jones.