Bitcoin (BTC) and gold: The two are often compared with regard to the store of value. Both assets can be used to store value. Bitcoin is easier to transport and sell, but its price is more volatile. Gold is the traditional Save Habour, but not as dynamic as Bitcoin. The picture shows a bitcoin in front of gold pieces.

Bitcoin advocate Anthony Pompliano (aka „Pomp“) from Vocal Bitcoin Trader posted a Twitter thread to educate BTC critics. Pomp sets out his reasons why he believes Bitcoin will remain an excellent store of value.

Bitcoin critics get their fat off

Anthony Pompliano posted a Twitter thread explaining his views on Bitcoin remaining a good safe haven. Pomp examined several theses from BTC skeptics and confronted the critics with his arguments. Why did haters speak out against BTC again this year?

The main reason is the economic shock that occurred in March and April, with Black Thursday occurring on March 12th. At that time, BTC crashed along with the altcoins. The stock market followed, and with it oil, which briefly sank below zero. When the crisis hit, many people started selling not only bitcoin but other liquid assets as well, explains Pomp.

Bitcoin is up 300 percent since hitting March lows

Pomp goes on to say that Bitcoin has now risen over 300 percent since the market disaster in March (seven months later) and is up 83 percent since the start of the year.

In terms of value, it has outperformed any other asset class this year:

Bitcoin is up 83 percent since the start of the year and more than 300 percent since its low in March. BTC has clearly outperformed all other asset classes.

Correlation is currently 0

Pompliano pointed out that the biggest argument the critics used is the fact that Bitcoin was correlated to other assets during the tough times for the economy in March / April.

Critics used this as a basis to say that BTC is not an inflation hedge. Pomp argued that the same thing happened to gold, stocks, and other markets, and that it was a passing thing.

Right now, Pomp tweeted, Bitcoin’s correlation with traditional markets has dwindled over time and is now at zero. He calls BTC an ultimate safe haven and says that BTC couldn’t be more uncorrelated than it is now.

It outperformed stocks, bonds, gold, oil, and pretty much everything else. It also has little to no correlation over a significant period of time. Bitcoin is the ultimate safe haven & the market is proving it.

Multiple awards and everything in one place

Would you like to trade Bitcoin and other cryptocurrencies alongside stocks, commodities, indices and forex, take long or short positions and trade your trades with leverage to maximize your potential profit?

Then the test winner eToro from our broker and stock exchange comparison and multiple award-winning broker is the right place to go for you. Set up a free demo account today or make deposits via PayPal without long waiting times.

Bitcoin’s price has remained stable for almost a month, but data in the chain shows an upward trend in new entrants joining the network.

The price of Bitcoin (BTC) remained relatively stable during September and the sharp fall in prices of DeFi’s altcoins and tokens seems to be making the situation worse for many investors.

Despite this lack of upward momentum, chain data reveals that new entrants are joining the Bitcoin network at an alarming rate.

Although the price has not reacted to the strong influx of new entrants, chain analyst Willy Woo believes this is a strong upward signal. On September 30, Woo tweeted:

„We are seeing an increase in new entrants to BTC that are not yet reflected in the price, it doesn’t happen often. This is what traders call divergence, in this case it is obviously bullish“.

As shown in the chart above, the number of new individuals joining the Bitcoin Optimizer network has risen sharply since last week and the metric clearly outperformed the numbers recorded in August. The metric measures the number of clusters (wallets) owned by a given person or group.

What is attracting these new participants?

Some analysts believe that the increase in new entrants could be attributed in part to the sharp decline in DeFi tokens and altcoins. In the last 30 days, many have recorded double digit losses and this may have left investors looking for safer alternatives in the crypto market.

Although the price of Bitcoin failed to break above the USD 11,000 level several times, it has remained stable above the USD 10,000 level for the past month.

Given the current economic and political chaos that is spreading across the United States and other countries affected by the coronavirus pandemic, Bitcoin’s price stability reinforces the argument that Bitcoin is a strong store of value.

Although the US dollar remains the most sought-after asset in the face of the recent financial crisis, it is possible that a second wave of coronavirus infections could adversely affect the global economy. Such an event would probably encourage investors to invest in assets such as gold and Bitcoin, especially if the dollar loses strength.

Just an advertising stunt or an intelligent method to increase awareness and adoption of cryptocurrency?

SBI e-Sports, a subsidiary of Japanese financial services giant SBI Group, has announced that players in its e-sport teams will receive their salaries in Ripple (XRP) under a sponsorship agreement with venture capital firm VC Trade.

According to the official announcement, salaries will be paid in crypto instead Immediate edge scam of fiat currencies, in order to strengthen the company’s reputation among e-sport players who also use digital currencies.

SBI e-Sports, Ripple’s long-standing partner, said this sponsorship agreement is a way to diversify its portfolio within the blockchain world. The aim is to „create and nurture a strong market based on customer focus, price improvement and liquidity expansion“.

At the time of publication of this article, XRP holds a market cap of nearly $11 billion: according to CoinMarketCap data, it is currently the world’s fourth crypto by capitalization.

In 2019, the Xpring project, the developer ecosystem of Ripple, and Forte, a blockchain gaming platform, created a $100 million fund to support game developers.

Mac Ocampo, Head of Growth at blockchain Virtually Human Studio, previously told Cointelegraph that „not all gamers are crypto traders, and not all crypto traders are gamers. In his opinion, this factor will certainly be relevant to the future of the gaming industry.