Bitcoin attracts investors due to its inflation-resistant fe...| MENAFN.COM

Tuesday, 25 January 2022 04:21 GMT

Bitcoin attracts investors due to its inflation-resistant feature


(MENAFN) Bitcoin, the most-valued virtual currency worldwide, was impacted by the emergence of a fresh coronavirus variant referred to as B.1.1.529, however financial specialists believe bitcoin will “double over the next 12 months.”

The decrease in Bitcoin value must be viewed as a huge buying chance, reported chief executive and founder of deVere Group Nigel Green.

The famous cryptocurrency reached a record-high of USD96,000 at an early time in November as bigger shareholders became convinced with cryptocurrencies due to it being protected against inflation.

Green stated, “The discovery of a new coronavirus variant has rattled global stock markets as it brings in a new wave of uncertainty,” adding “the crypto markets have mirrored the reaction of other financial markets. This underscores how mainstream digital assets have now become, as an increasing number of institutional investors have piled into Bitcoin this year.”

He also said, “But for this reason, when they temporarily reduce exposure to most risk-on assets, despite the longer-term outlook, they also do the same with Bitcoin. In turn, due to Bitcoin’s mammoth market share, it weighs down the entire crypto sector."

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