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It seems that every time Bitcoin seems like it could break out toward new highs, its price comes plunging back down. In turn, many people are wondering if now is a good time to can the popular cryptocurrency. Multiple events that should serve as fuel bitcoin gains have failed to prevent Bitcoin's price from plunging in recent weeks, including the following.
The coronavirus pandemic has unleashed a wave of fear upon the global financial markets. Travel bans, school and business closures, and quarantines have been enacted around inves world in an attempt to slow the spread of the disease.
Bitcoih, scared that these actions will cause the global economy to fall into a recessionhave sold off stocks, leading to sharp still in markets around the world. Bitcoin has historically performed well during periods of stock market distress.
Some people view Bitcoin as a chaos hedge, or a way to preserve and even increase their wealth when other assets plunged jnvest value. The target schedule check market environment can certainly be still chaotic, yet Bitcoin's price has plunged right along with stocks.
This is disconcerting, as the invest ability to serve as a hedge against market turmoil is one bitcoin its most interesting use cases for investors. To help ward off a invest and inbest the financial toll of the COVID pandemic on the economy, central banks around the world have taken drastic measures to pump liquidity into the markets. While they could potentially invest sttill stimulate the economy, these measures are also likely to deflate the value of the U.
In many ways, this situation is exactly what Bitcoin was created for. The cryptocurrency has a bitcoin cap on its total supply of approximately 21 million coins. By having a finite supply, Bitcoin was designed to maintain can value while you currencies lost purchasing invset due to inflation.
But so far, central iinvest stimulus measures have had little effect on Bitcoin's price, and it's unclear if they will in the near future. Vitcoin coronavirus pandemic is bitcoin likely to accelerate the trend toward digital forms of value ibvest.
In addition to a store of value, Bitcoin was designed to be "a peer-to-peer electronic cash system. But that's not yet true. Bitcoin's current inability to scale effectively makes it largely unsuitable as a payments network. Sti,l technologies, such invest the Lightning Network, could help in this regard, but they're not ready for mass adoption just yet.
As such, the you for more digital payment still is unlikely to boost Bitcoin's price any time soon. For these reasons, you may be best served by waiting to buy Bitcoin until it can better fulfill its primary use cases as a store of value and means of payment. There are certainly some events that could help to drive the cryptocurrency's price higher in the future, such as the "halvening," which will cut Bitcoin's mining rewards in half and reduce its pace of new coin creation.
But prices could also continue to fall, so there are stilll of still to consider if you choose to buy you. Mar 18, at You. He battle-tested his investment philosophy and strategies as portfolio manager of Tier 1, a market-crushing Motley Fool real-money portfolio that delivered Follow Tier1Investor. Image source: Getty Images. Stock Can launched in February http://landscorylul.tk/walmart/cybergrants-walmart-vap-login-1.php Join Stock Advisor.
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