After a rejection from $12,000, Bitcoin is currently trading between $11,900 and $12k. Analysts claim that Bitcoin is still bullish and will soon witness a bullish breakout. Rising tensions in Asia is one of the reasons why the leading asset is heading upwards over recent weeks.
“Capital Flight out of Asia Is Taking Bitcoin Express”
Bitcoin Bull and host of famous show Keiser Report, Max Keiser, believes that Bitcoin is up because of rising tensions in Asia. And it is the best asset to move wealth out of a country as many people are trying to transfer capital abroad. This situation is more prominent in Hong Kong, where the Chinese government has imposed a security law, and people are using gold to save their money. Keiser said,” You can’t take it with you, unless it’s Bitcoin – then you can take IT ALL with you.” He further said that gold is not capable to perform this purpose.
Rising Tensions in Asia
On August 7, Financial Times reported that wealthy people in Hong Kong have moved their gold abroad as China has put national security law in July 2020. “Hong Kong’s wealthy move gold out of city on security law fears,” Financial Times stated.
China is also engaged in a clash with India on the border, and India has also banned many Chinese-based things in the country. The trading and tech tensions are also emerging between the United States and China.
Bitcoin reaches all-time high in Turkish native currency Lira, nearly 90,000 TRY. Last time, all-time observed in December 2017, around 80,000. The leading asset has surged by nearly 10,000 TRY in the last week while it has increased by 20,000 TRY this month. It is due to the devaluation of Turkish Lira against the US dollar.
Recently, Anthony Pompliano from Morgan Creek said:
“You know there are people who debate what the size of the gold market is but let’s just use easy numbers. Let’s say that it’s $8 trillion. That puts Bitcoin at, depending on how many are lost or stolen, $400,000 to $450,000 today. Do you think that Bitcoin is going to be the equivalent of the gold market? I don’t. It’s better. It’s going to capture more market.”