The world’s first and largest digital currency, Bitcoin, is seeing rising popularity in China, in part due to trade tensions between the US and China. According to a study by Xinhua News Agency, investors all over the world are increasingly relying on Bitcoin as a safe haven alternative.
Influencers such as Travis Kling of Ikigai Asset Management and Max Keiser of Keiser Report have been advocating the use of Bitcoin, going so far as to call it “a hedge against irresponsible monetary policies” from central banks around the world.
Max Keiser recently tweeted his predictions on the Bitcoin price, saying it will reach US$100,000 ”‘no sweat” and that “BTC will continue to gain market share until reaching market-parity with gold.”
A recent report by the Financial Times shows that the performance of Bitcoin in 2019 is on par with the three ‘classic haven assets’ of gold, the Swiss franc, and the Japanese yen.
“Bitcoin is digital gold — it’s a genuine alternative to traditional safe havens,” said David Mercer, CEO of cryptocurrency trading platform LMAX.
One of the leading financial news agencies in China, Sina Finance, has updated its price index app to support virtual currencies such as Bitcoin, XRP, Ethereum, and several others. The app also offers news articles on the crypto industry.
Despite initial coin offerings (ICOs) being banned in the country, the popularity of cryptocurrencies is on the rise, according to the trending search topics on Baidu.
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