18:44Bitcoin Price Will Skyrocket as Markets Riddled by Election Uncertainty, Analyst Says
While the ongoing uncertainty regarding COVID-19 and the US Presidential elections could drive stocks down, Opimas CEO predicted that Bitcoin will skyrocket.
Octavio Marenzi, founder and CEO of capital markets consultancy firm Opimas LLC, recently predicted that the current economic situation will shoot Bitcoin’s price “through the roof.”
Simultaneously, he suggested that the traditional financial markets will suffer as the COVID-19 fears grow.
Opimas CEO: Bitcoin Will Shoot Through The Roof
According to Marenzi, those are the growing spread of the coronavirus, the stimulus deal proposed by the US government, the Federal Reserve’s policy, and the 2020 US presidential elections. He emphasized the importance of the upcoming vote as “people are starting to get nervous about that.”
The elections’ unknown developments could lead to a “messy” outcome, resulting in even more concerns among investors. Such circumstances could prompt severe price drops within traditional financial assets. However, Bitcoin might emerge as the winner.
COVID-19 Second Wave To Damage The Markets?
Once reports started emerging in early 2020 that a new virus coming from China was infecting people, the financial world took a beating. The worst came in mid-March during the so-called liquidity crisis, which saw massive price slumps among all assets.
The markets have mostly recovered since then, but the COVID-19 pandemic hasn’t disappeared. In fact, it seems that the dreaded second wave has just begun to develop. The number of confirmed cases grew above 40 million on Monday.
Several countries, mostly in Western Europe, have brought back some of the strict restrictions. Those include even full lockdowns.
Apart from health concerns, this also raises worries among investors. Bitcoin was not exempt from the first price drops, as it plummeted by over 50% in a day.
However, BTC is among the best-performing assets on a yearly-scale, with its 65% increase. Should Marenzi’s words materialize, the primary cryptocurrency could see even further long-term price appreciation.
|Total comments: 0|
|Bitcoin tem maior queda bruta em dólar da história (0)|
|Bitcoin Tumbled $3500 In 24 Hours: Altcoins On The Rise As BTC Dominance Drops To 66% (0)|
|After dizzying gyrations, what's bitcoin really worth? (0)|
|The story of the man who lost a password and cannot recover $ 1 billion in bitcoin (0)|
|Man has two attempts left to unlock Bitcoin wallet worth $270 million (0)|
|THE COUNTDOWN IS ON: BITCOIN HAS 3 DAYS BEFORE IT REACHES APEX OF KEY FORMATION (0)|
|Institutions Are Back, Grayscale Bitcoin Trust Purchases Nearly 10,000 Bitcoins (BTC) In Three Days (0)|
|Bitcoin Struggles Below $38K, Why BTC Could Dive To $32K (0)|
|Bitcoin slides under $35K despite Biden unveiling $1.9 trillion stimulus (0)|
|Institutional investors won't take Bitcoin mainstream — You will (0)|