Story by: Panos Mourdoukoutas
Bitcoin recently joined the ranks of safe haven assets, according to Chris Reinertsen, Chief Marketing Officer of Rhythm Technologies.
Safe haven assets are assets where investors park their cash at time of rising global uncertainties, as they flee risky assets like stocks.
Traditionally, US Treasuries, gold, and the Swiss Franc have been considered safe haven assets. And more recently, so has Bitcoin.
At least, that’s what seems to have been the case in recent weeks as the US-China trade war raised global uncertainties, says Reinersten. “The devaluation of China’s yuan has just hit an 11-year low against the dollar,” he says. “There is a flight of capital to safe-haven assets across the board, which now includes Bitcoin. Throughout the last few years, we have been seeing the trend of Bitcoin increasingly becoming fundamentally correlated to more macro moves as increased economic uncertainty in the world increases.”
Original story: https://tinyurl.com/y43ep6cpby