Morehead: "Bitcoin Born in a Financial Crisis, It Will Come of Age in This One"

Written by:
Aaron Goldstein
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CEO of Pantera Capital, the first investment firm in the US to launch digital currency, pre-auction ICO, and blockchain-enabled venture funds, noted Monday that Bitcoin is up 1% on the year as of Monday while pointing to other financials including commodities and the S&P 500, all down by 15% or more.

"Bitcoin was born in a financial crisis," Morehead tweeted out Monday.  "It will come of age in this one."

Bitcoin (BTC) was up 5.8% over the last 24 hours to $7217.00.  The cryptocurrency, Bitcoin Cash (BCH), was rising at an even greater clip of 9.5% to $245.00. 

“Investor confidence is higher in bitcoin than it is in the incumbent financial institutions and banks as evidenced by YTD price performance,” noted John Todaro, Head of research at TradeBlock.

Billy Bambrough of forbes.com writes:

“Bitcoin, cryptocurrency, and equity markets have all climbed as investors around the world cheered early signs lockdowns in counties around the world are beginning to slow the spread of the coronavirus COVID-19.”

"[Bitcoin and cryptocurrency] purchases follow the signs of improving sentiment in the stock markets," Alex Kuptsikevich, senior financial analyst at the FxPro, told Forbes.

"As soon as risk assets start to attract demand actively, institutional investors may also increase their positions in the cryptocurrency."

"Investors are shrugging off the pessimism," AvaTrade's chief market analyst Naeem Aslam wrote in a note to clients, adding if lockdowns are removed prematurely a second coronavirus wave could hit "with more intensity [and] we could be in a for a longer period of recession."

- Aaron Goldstein, Gambling911.com

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