Bitcoin Watch – deVere Group: Bitcoin to hit USD15,000 as consensus grows on safe-haven status

    deVere Group chief executive and founder Nigel Green believes the devaluation of China’s currency that is rattling global financial markets has revealed that Bitcoin is now becoming a safe haven asset. In a post of the company’s website, Mr Green said: “The world’s largest cryptocurrency, Bitcoin, jumped 10 per cent as global stocks were rocked by the devaluation of China’s yuan as the trade war with the U.S. intensifies. This is not a coincidence. It reveals that consensus is growing that Bitcoin is becoming a flight-to-safety asset during times of market uncertainty. Bitcoin is currently realising its reputation as a form of digital gold. Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin – which shares its key characteristics of being a store of value and scarcity – could potentially dethrone gold in the future as the world becomes increasingly digitalised.”

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