Bitcoin: Digital gold for troubled times

Bitcoin made another 10+% jump on Thursday to bounce off of $7,998.

While the news coming out during the day was good for the crypto with financial forms lining up to get behind bitcoin, there is more to the 30% price rebound over the last three days than what’s out there.I believe the Saudi Arabian princes being held under house arrest and being told they can pay for their freedom could be a driving force behind the price spike.

These people are desperate to get their money out of the country and may be using bitcoin as the vehicle to do it.

Another event, the Venezuelan bond default has people rushing into bitcoin as a way to hedge the worsening economic collapse. This scenario is also playing out in Zimbabwe.

So bitcoin’s safe haven status is another driving force behind the recent price surge that has little to do with investing and everything to do with wealth preservation.

In bad economic situations bitcoin takes on the role of digital precious metals like gold and silver.

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