As the coronavirus spurred on a rampant amount of economic uncertainty, the Bitcoin seemed to have gained newfound momentum after halving itself in value within the first stages of the coronavirus scare.
A Rise In Crypto Importance
In fact, since the disastrous price drop that occurred on the 16th of March, 20202, the world’s largest cryptocurrency has managed to make a 90% recovery. On the 11th of May, 2020, the third Bitcoin halving had occurred, which is historically known to drive the price up so high that a bubble event occurs. This time, however, it seemed to have just stabilized the already plummeted price, as the total amount of BTC allowed to be minted every day is reduced by half.
Alongside this comes significant forms of attention and scrutiny at the “integration” of cryptocurrencies into the mainstream world, resulting in things such as the proposed Libra stablecoin. Furthermore, other major tech investment firms, crypto companies, and crypto exchanges are all vying to leave their mark with this newly discovered technology.
Ohanian: Crypto Spring Is Upon Us
Alexis Ohanian, a co-founder of the popular social platform, Reddit, and an early investor in the Coinbase exchange, gave a statement about the matter. He stands convinced that all of these actions are leading up to a “crypto spring” event.
Ohanian explained to the press that he actively tries not to track prices, as he says he can’t predict anything in that region. However, Ohanian felt safe to say that there was a definitive crypto spring currently happening due to the top-tier product developers, engineers, and designers within the crypto space. These people are developing real solutions within the blockchains the world has to offer.
Even if Ohanian stated that he didn’t closely observe the prices, he hadn’t failed to notice that the Bitcoin is touching just below the $10,000 mark. What this means, is that Bitcoin has more credibility in the ages-long narrative that it has value as a haven asset, of sorts. While this had been proven false on many occasions, its rise in value and price stability amid the COVID-19 pandemic is confirming that narrative, in turn.
Testifying to its credibility, Paul Tudor Jones had recently signed up to Bitcoin, adding it to his portfolio. Jones stands as a legend in the finance space, a billionaire pioneer in hedge funds. In short notice, he explained that the best strategy to maximize one’s profit is owning the fastest horse. Jones stated that his best bet is that horse being Bitcoin.