In today's crypto market debate, Cointelegraph is accompanied by cryptocurrency analyst Naeem Aslam and Tokenmetrics CEO Ian Balina to discuss the impact of the coronavirus on cryptocurrency markets.
Will the economic impact of the coronavirus leave people flocking to cryptocurrencies as a safe haven?
Naeem Aslam is skeptical about the supposed status of Bitcoin's 'safe haven', emphasizing that Bitcoin is a refuge from the central bank's monetary policy, and not from infectious diseases:
“I think that when we talk about Bitcoin as a safe haven asset, we are talking about central banks and their monetary policies. Right now, we don't have that fear in the market right now. The fear in the market is about influence of the coronavirus […] when we have something that goes wrong with monetary policy, then, yes, we could see the momentum that comes because obviously Bitcoin weighs the entire foundation of foundations against the traditional monetary policy that central banks are executing ” .
Ian Balina rejected the suggestion that cryptocurrency and coronavirus are correlated, stating that:
“We personally do not invest or trade in specific events […] the coronavirus has not proven to be an event correlated with Bitcoin or cryptocurrency in general. So as Bitcoin is a global asset class and numerous global events that occur together It is very difficult to point out a particular event like the catalyst, I think maybe indirectly that the stock markets had a big sale where more than 1.7 billion dollars were lost in a few days and I think the cryptocurrency could be playing with that “.
The duo also shares its long-term outlook for crypto markets, the likely impact of the next halving, and whether Ether will outperform Bitcoin by market capitalization in the next ten years. Do not miss it!
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