deVere Group chief executive officer (CEO) and founder Nigel Green says bitcoin is showing itself to be a safe haven asset that will rival gold.
In a statement made on the deVere Group’s website, Green highlighted the surging price for bitcoin amidst an escalation in political tension between the United States and China. Green claimed bitcoin had secured its “safe-haven status” and said all eyes were on the crypto-asset as its price moved past the $10,000 resistance barrier.
Established Bitcoin bulls and new crypto investors could make this happen this week as tensions heightened between the U.S. and China, the world’s two biggest economies.
Green continued, saying investors were “flocking” to safe-haven assets such as bitcoin that were not tied to any specific country. He pointed towards the escalating tension between the US and China which resulted in several consulates being shuttered last week.
The chief of the deVere Group, which has over $10 billion under advice, also claimed bitcoin could potentially supersede gold as the primary safe-haven asset.
Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin – which shares its key characteristics of being a store of value and scarcity – could potentially knock gold from its long-held position in the future as the world becomes ever-more tech-driven.
Green argued geopolitical issues would prompt savvy investors to turn towards decentralized, non-sovereign digital currencies in order to avoid the turbulence of traditional markets.
Featured Image Credit: Photo via Pixabay.com