With the banking crisis looming, Bitcoin outshines gold
Investors are turning to Bitcoin as a safe haven for their money as the banking crisis continues to wreak havoc on the financial sector. As a matter of fact, many are picking crypto over the conventional place of refuge, gold, due to its more significant yields and expanded dependability.
Currently trading near the $30,000 psychological level at $28,936, BTC has recorded an impressive rally of 3%. This surge in demand for Bitcoin is due to its rising correlation with gold, which has surpassed the 50% level and now stands at 57%, as per data by market analytics firm Kaiko.
Bitcoin is seen as safe haven for investors as regulators look to crack down on its use
Due to its volatile price and lack of regulatory oversight, Bitcoin has long been considered a risky investment. However, in recent years, it has emerged as an asset that investors can use as a safe haven to protect themselves from traditional market risks. Bitcoin operates independently of central banks, making it less susceptible to inflation and government interference than other traditional assets and fiat currencies. Additionally, the decentralized nature of Bitcoin grants investors greater asset control and lessens their exposure to systemic risks.
Bitcoin offers security and convenience in the face of money-hungry governments
With the capacity to store and move abundance across borders without the requirement for delegates, Bitcoin offers a degree of independence from the rat race and security that is unrivalled by customary resources. Due to its finite supply and digital scarcity, its value is not affected by government policies or macroeconomic factors, making it an inflation hedge. Thus, Bitcoin has earned expanding respect as a place of refuge resource, especially in the midst of financial vulnerability and market unpredictability.
Investors who want to diversify their portfolios and safeguard their wealth from external threats have found it to be an appealing option thanks to its capacity to provide a secure and dependable store of value.
By Sonakshi Saxena | Original Link