Bitcoin Becoming The Only Pandemic-Resistant Currency

Bitcoin, while taking an earlier beating over the coronavirus panic, has started to capture the media attention once again as it resurfaces as a potential financial hedge in the times of debt crisis.

News stories of central bank interventions have appeared to buoy the bitcoin price in the past month from the lows of $3 700 on Black Thursday all the way up to $10 000 in May. Until recently, Bitcoin has even outperformed most of the world’s currencies year-to-date including the dollar and yen — considered to be safe haven assets.

While the bitcoin price has seen some spectacular gains recently, it is important to remember that Bitcoin should still fundamentally be viewed as a risky tech investment. Due to its volatility, it still does not serve as a stable store of value. Assuming the price continues to rise in the coming years, it could, however, serve as an inflation hedge.

Read More at Hacker Noon

Read the rest at Hacker Noon