Trade War Increases Bitcoin Buying
Beijing — Opinions on whether Bitcoin is a store of value ramped up as data came out showing Bitcoin buys are up. Since the trade war with China started, the exchange eToro has released information showing an increase of 123% in the amount of Bitcoin bought in August. May saw an increase of 139% and gold saw similar numbers.
While still a risk-on speculative asset, Bitcoin may become a store of value during times of economic uncertainty.
eToro market analyst Simon Peters stated that despite price volatility that ". . . the correlation with gold on eToro's platform could be a sign that the overall perception of bitcoin is gradually shifting from speculative towards a lower-risk store of value."