Bitcoin Surging Toward $8,000 As Speculators Bet on It Becoming a Safe Haven Asset – CryptoGlobe

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Bitcoin Surging Toward $8,000 As Speculators Bet on It Becoming a Safe Haven Asset

As the Russian Orthodox Church celebrates Christmas Day today (January 7), Bitcoin HODLers around the world are celebrating the fact that Bitcoin is now trading at the highest level it has been since 20 November 2019.

According to data from CryptoCompare, Bitcoin started the year at $7,174. Since then, it has gone up almost 10% since it is currently (08:40 on 7 January 2020) trading at $7,888, up 4.65% in the past 24-hour period:

This surge toward the $8K level has reversed the losses suffered during the past seven weeks, and it has brought the Bitcoin price to where it was on 20 November 2019, as you can see in the three-month price chart shown below:

Within the crypto community, there are three competing explanations for the great start to the year that Bitcoin has enjoyed:

One man who remains highly skeptical of Bitcoin despite Bitcoin outperforming gold in the first week of 2020 (and more importantly despite admitting that Bitcoin was the top performing asset of the previous decade) is gold bug Peter Schiff, who isthe CEO of Euro Pacific Capital and Chairman of SchiffGold.

Here is what Schiff said on January 2:

This is what he had to say on January 3:

And finally, this is Schiff tweeting about Bitcoin yesterday:

Schiff has undoubtedly said many silly things about Bitcoin in the past, but it is hard to argue with his assertion that Bitcoin is "being bought by speculators betting that investors will buy it as a safe haven."

Here is what highly-respected macroeconomist and crypto analyst/traderAlex Krger says about this comment by Schiff:

Featured Image Credit: Photo via Pexels.com

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Bitcoin Surging Toward $8,000 As Speculators Bet on It Becoming a Safe Haven Asset - CryptoGlobe