The last few days have seen the Bitcoin (BTC) price head north and this has been attributed by the deteriorating trade relations between the US and China, according to the Digital Currency Group CEO, stated by the report of The Fortune magazine dated May 20.
In a recent interview, the firm CEO attributed the digital coin price surge to the trade way between the two rival countries. The Barry Silbert, the Digital Currency Group CEO says that the price coincides with the trade talk breakdown between China and the US.
Bitcoin Safe Haven for Investors
According to the CEO, BTC has proved to be an investor’s safe haven when the global economy is in turmoil. He cites a situation when BTC value surpassed that of the stock market and adds:
“If you look at over the past five years — when Brexit happened, Bitcoin went up. When Grexit happened, Bitcoin went up.”
Silbert goes on to argue that due to the digital money market volatility in the past two year, BTC has been adversely affected by macroeconomics forces and the current surge is not cast on stone.
US-China Suspicious Trade Partnership
The two suspicious trade superpowers have been playing tit-for-tat games on each other goods tariffs. This resulted in a situation where consumers get hit by high product prices, and Bitcoin and other altcoins popularity increased thus raising their demand with a chain reaction on the price heading north.
Early May, Grayscale, a Digital Currency Group subsidiary ran a campaign urging crypto goers to stop investing in gold and instead turn to Bitcoin.
At press time, BTC price stood at $7,921.95 after marginal gains of 1.16% against the green buck with a lot of anticipation that the coin is headed to the $8.000 mark. The recent Bitcoin spike has also seen major altcoins benefit from the Bull Run which is anticipated to be a replica of December 2017 crypto boom.