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I Survived on Only Bitcoin for 24 Hours

Bitcoin can help you survive ...

Bitcoin could help weather the crisis, says Morgan Creek co-founder
CONTENT

  • Bitcoin will help you survive the financial crisis

  • Fed policy will have negative consequences, Yusko says

  • A similar point of view was expressed by another crypto trader who predicted the fall of bitcoin to $ 0

International consortium of news organizations developing transparency standards.

The negative consequences caused by the artificial pumping of the economy can be survived thanks to bitcoin.

Bitcoin can help you survive ...

Co-founder of cryptocurrency hedge fund Morgan Creek Capital Management Mark Yusko in an interview with CNBC said that Bitcoin may have every chance of becoming an insurance asset against the soon collapse of the financial system..

The detrimental effects of the Chinese coronavirus will only worsen when combined with the artificial inflation of the economy, Yusko said.

“This is insurance against the collapse of the financial system,” said Yusko.

“… The reaction of the government [to the coronavirus] in the form of stimulation [of the economy]… will have a negative impact on world currencies, especially Western ones. Thus, you will need something that has value. Bitcoin will be the solution, “Yusko noted..

Collective madness

Bitcoin can help you survive ...

The position of the co-founder of the cryptocurrency hedge fund is quite similar to the position of the famous financial analyst and crypto trader Peter Brandt..

Brandt believes that assets like gold and bitcoin should be viewed more as insurance instruments than investment assets..

At the same time, one of the main proponents of precious metals and critic of bitcoin, Peter Schiff, believes that it really doesn’t matter how much the Fed prints. Printed money will cost almost nothing anyway, Schiff notes..

At the same time, Yusko said that he was shorting “a large number of shares” against the background of the volatile stock market. Yusko is particularly skeptical of retail and consumer stocks and overleveraged companies.

Bullish fractal

Now the dynamics of Bitcoin has a whole range of similarities with the price behavior in December 2018. As part of this development of the BTC price, the cryptocurrency asset will consolidate for some time under the $ 7000 mark, but then it will be able to overcome the psychological resistance line.

According to the graphical indicators, the bullish trend can occur either on April 7, or at the end of May, when the long-awaited halving will take place. Bitcoin halving cuts the number of new coins created and earned by miners in half. This happens about every four years and … More.

However, if the price falls below the upward support line by $ 6500, the probability of growth on April 7 is reduced to zero. If the largest cryptocurrency in terms of capitalization can keep above the specified level, then the asset growth may occur very soon..

Bitcoin can help you survive ...

We previously reported that one of the leading Bitcoin proponents began to question the future of the cryptocurrency. Former trader Mike Novogratz said that if Bitcoin fails to double in price in 2020, it may leave the cryptocurrency market..

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