Cryptocurrency exchange chief executive officer (CEO) Nischal Shetty says that bitcoin will emerge as a top asset class due to the ongoing coronavirus pandemic.
Shetty, who operates the Indian-based crypto exchange WazirX, published a tweet on Mar. 24 saying that bitcoin’s price has managed to hold up relative to other markets. Despite undergoing one of its worst single day of losses on Mar. 12, during which the price of BTC dipped below $4000, bitcoin has managed to appreciate 75% over the last two weeks.
Shetty called the current market a “crucial stage” for bitcoin, saying that the asset class is on the verge of breaking out into the mainstream.
The exchange CEO cited the ongoing coronavirus pandemic as a potential catalyst for bitcoin to emerge a dominant asset class.
Day 509— Nischal (WazirX) ⚡️ (@NischalShetty) March 24, 2020
After major correction in price, #Bitcoin has held up quite strong compared to other markets.
We’re at a crucial stage. If Bitcoin continues to hold strong then it’ll emerge as THE asset class that people move to during a crisis
Indians need a choice #IndiaWantsCrypto
Shetty also highlighted the scarcity of bitcoin compared to fiat, in light of recent government actions to provide economic relief via “quantitative easing.”
Featured Image Credit: Photo via Pixabay.com