Market Researcher States That Bitcoin is an Indicator for Geopolitical Turmoil
Nicolas Colas, a market researcher and Co-founder of market research firm DataTrek Research, says that Bitcoin could be used as an indication for geopolitical turmoil.
Bitcoin serving as indicators
On August 14, in a CNBC interview, Colas had claimed that Bitcoin was one of the few assets whose price had predicted the Hong Kong's protest which also involved its local capital flight.
He had said that he believed that Bitcoin was a safe haven when asked by the interviewer. He said:
"We are definitely seeing that, and really are perked up around the Hong Kong protests and some of the currency flight that happened out of Hong Kong and the mainland, and Bitcoin was one of the few assets that we watched that actually predicted that uncertainty ahead of time. Nothing else was really moving, Bitcoin was.”
Colas expressed his certainty about the digital currency's ability to hit the $20,000 mark again, saying that the currency is still new and in its infant stage and had a lot of room for growth.
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