Blockstream CSO, Samson Mow, has urged his Twitter followers to buy Bitcoin in response to the UK central bank announcement that it will print more money. Mow’s statement adds weight to the ongoing calls for investors to purchase safe have assets to shield their wealth from the economic impacts of the COVID-19 crisis.
Calls to buy Bitcoin growing by the day
The suggestions that investors should buy bitcoin are growing by the day as governments continue to print more money in response to the growing Covid19-driven economic crisis. The pandemic has exposed governments and policymakers to some unprecedented financial challenges. This has forced them to adopt some temporary solutions to stabilize their economies.
The popular course of action has been printing new money out of thin air. This will definitely lead to hyperinflation of fiat currencies in the long run, hence the calls to buy safe-haven assets that are highly likely to retain value over time.
Renowned entrepreneur, author, and financial educator, Robert Kiyosaki posted a series of tweets urging his 1.3 million followers to buy Bitcoin. In one of his tweets, the celebrated author observed that the US Dollar was dying as the government keeps on printing new money out of thin air. In this regard, Kiyosaki urged his followers to buy either Bitcoin, gold or silver in order to secure their future.
These calls were further amplified by TV host and renowned bitcoin champion Max Keiser who predicted that people would buy Bitcoin en masse to protect their investment from the devaluation of the fiat currencies.
Mow reignites debate on bitcoin’s safe haven asset status
Mow, a renowned crypto expert and bitcoin champion also took the opportunity to highlight the cryptocurrency’s upper hand over gold and silver that are widely recognized safe-haven assets. He told his 104,000 followers that they could also buy gold and silver but only if they could make them weightless, transferrable electronically and not needing a custodian.
Evidently, his tweet was highlighting the superiority of the top cryptocurrency in comparison with these precious metals. This elicited mixed reactions with some of the responses to his tweet questioning the virtual asset’s ability to retain its value in the long-run.
Others expressed their support for the idea to buy bitcoin stating that the central banks’ actions are gradually lowering the value of fiat currencies. Under such circumstances, the scarcity of the cryptocurrency makes it more sound money and a better bet than the ‘shiny rocks’.