Bitcoin (BTC) Predicted by Henry Ford 100 Years Ago – U.Today

The Bitcoin price started pumping from the $8,300 area on January 26 three days after the Chinese city of Wuhan, which is believed to be the epicenter of the new coronavirus epidemic, was put underquarantine.

Image via CoinMarketCap

By now, the BTC price has reached the $9,345 level. However, an article by The Independent claims that this mightnot be the truecause of the BTC rally.

The Bitcoin price took off several times last year, when the US initiated a tariff war with China andthen nearly provoked WW3 with Iran. A price growth was noticed during the impeachment trial of Donald Trump, when the Australian forests caught fire and, finally, following the coronavirus breakout in China recently. The virus has also been negatively impacting both the US and Chinese stock markets, however, Bitcoin remains healthy and continues togrow.

Many cryptocurrency experts believe that Bitcoin starts appreciating when the global economy faces turmoil or whenother large-scale problems occur.

Other cryptocurrencies, such as ETH, XRP or TRX, have also been surging in price. Simon Peters from eToro says:

"Prices jumped to near three-month highs following turbulence on traditional stock markets, reinforcing cryptocurrency's growing position as a possible safe haven investment."

However, the article from The Independent states:

Despite this, there is little research to actually support the theory that such events are related to bitcoin's fortunes. Market movements have instead been connected to developments within the cryptocurrency industry, such as favourable regulation being introduced, or rumours that a country is developing its own cryptocurrency.

The article has it that cryptocurrency quotes are often manipulated by crypto whales and by insider trading, citing cryptocurrency author David Gerard.

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Earlier today, Tron CEO Justin Sun tweeted that the Tron team are sending medical supplies to Wuhan to support the coronavirus victims. In the video Sun is wearing a mask.

Image via Twitter

Somein the community believe this is yet another excuse for Sun to promote Tron.

Image via Twitter

Meanwhile, the TRX price is up 9.99 percent, thougha short while ago the coin showed an 11-percent rise.

Image via CoinMarketCap

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Bitcoin (BTC) Predicted by Henry Ford 100 Years Ago - U.Today