A few days ago, in light of the coronavirus pandemic that has been crippling world economies, Bitcoin took a nose-dive and plunged from a high of $10,500 all the way down to below $5k before beginning an upward move that has seen it top the $6k mark. However, that has not stopped market pundits from throwing around wild speculation about the top coin.
Despite some pessimistic views, a greater majority of the crypto community remains bullish. Perhaps, the upcoming Bitcoin halving expected in May has played a huge part in fostering these hopeful sentiments.
Wrecked Financial Systems
For the many Bitcoin fans around, their ultimate love for the pioneer crypto hasn’t gone unnoticed. According to the CEO and founder of Global Macro Investor Raoul Pal who happens to have some goo love for Bitcoin, the crypto is still bullish despite the fact that it currently looks to be in a really compromising situation.
According to Pal, people will find a way to get Bitcoin out of the gutter because they’ve lost trust in the entire financial system. However, there are those who believe in Bitcoin’s strength as an alternative means of payment.
In fact, there have been reports that many affluent people have opted to invest in Bitcoin as a means of moving their money away from a hurting fiat economy.
This scenario was witnessed in China especially during the US-China trade war. In better words, the notion of the loss of trust in Bitcoin may have been misinformed.
Riskier But Better
Going forth, Raoul Pal noted that, compared to those who invest in Gold, people who invest in Bitcoin face a rather riskier market setting than Gold.
However, the Bitcoin market is way more active and has greater expectancies than Gold. In essence, Bitcoin may be a riskier investment choice, but it still remains by far a more prospective option.