A recent publication by cryptocurrency rating agency – Weiss Ratings indicates that anticipation of a post-covid world could be fueling investors move to Bitcoin as a safe-haven asset; while other traditional assets like gold lose their attraction.
According to the post by Weiss analysts, the global market reaction to recent news of an incoming COVID-19 vaccine by Pfizer and Moderna has created a buzz in the investment sector; with investors seeking out industries that would flourish in the aftermath of the COVID crisis.
Weiss notes that investors are currently evaluating their portfolios in search safe-haven assets and big tech opportunities that pumped during the pandemic.
Interestingly, Bitcoin (BTC) is becoming a more sought after asset especially as gold and government bonds continue to show signs of slow recovery.
To its credit, Bitcoin recovered from its COVID-19 crash, moving from a price of $3,800 in March to $19,500 in November 2020.
The Weiss report reads:
“Gold prices have basically been dead-in-the water ever since. Bonds managed to claw back only about two-thirds of their post-Pfizer plunge.
Bitcoin, on the other hand, blasted through $17,000, $18,000 and $19,000 – in short order.”
Also highlighted by Weiss was the massive rally of the altcoin market, following Bitcoin price in an upward move in response to the vaccine news.
In their arguments, the analysts predict that cryptocurrencies like Bitcoin may be the only best suited assets in a post-covid world where traditional assets struggle.
Analysts say with more global adoption of digital assets, cryptocurrencies could be in for their most explosive bull market run ever.
“Crypto assets stand alone at the intersection of cutting-edge technology and sound money. That makes them the only sure defense against the coming digitization of fiat monies and the reckless monetary policies they will accelerate.
We are fast approaching a post-Covid world where the only viable safe haven will be crypto. Think about it…As the world slowly but surely wakes up to this reality, crypto assets are going to enter their most explosive bull market run ever. And it may not be very far away.
The publication continues with a comparison of Government Bonds, Gold, and Bitcoin:
“So, move some of your savings into top Weiss-rated cryptos — before it’s too late to still get in at reasonable prices.”
NOTE: This publication does not serve as investment advice. Always Do Your Own Research.