Cryptocurrencies may not have the status of gold, but they have definite value. People are watching their rise, hoping to make a killing. Currencies, like equities and commodities, are a staple of the world’s financial system and Bitcoin has certainly found a place in the pantheon of the top performers.
Bitcoin will fare well if gold and stocks fall. Note the big equity sell-off this week in Asia, which will no doubt perk up the interest in Bitcoin. In fact, it has already started and the price has risen by about 11.8% to reach US$23,712 per coin.
Just listen to the words of Guggenheim Investments Chief Investment Officer Scott Minerd. His firm believes the value of Bitcoin could eventually hit $400,000 thanks to “rampant money printing.”
Yes, money is being printed at a record speed. Note that the U.S. Federal Reserve made it clear that the days of easy money are here to stay – at least for quite some time. Minerd would certainly say this bodes well for his company’s prediction.