Bitcoin soars upto 30% this year, turns investors to crypto admist Covid-19

Major hedge funds are looking into Bitcoin investments while established crypto-based funds are seeing their client base grow substantially due to COVID-19

By · Jul 16, 2020 . 4min read

COVID-19 is causing the worst economic fallout of our lifetimes. The US Federal Reserve has pumped in record amounts of fiscal stimulus this year. Thus proving this point, even more so than it did during the 2008 Financial Crisis. Bitcoin is a systemic hedge against the current framework. The Tudor Investment Corp has already announced that it would be purchasing Bitcoin as a hedge against the inflation that is being caused by Central Banks’ quantitative easing.

River Financial is a Bitcoin brokerage and financial services firm which has seen it’s client base double in every month this year. What’s more, is the majority of this clientele are over the age of 55. Bitcoin is a millennial fascination, but that is changing. One of the many hurdles that cryptocurrencies as a whole have to overcome is wide-ranging acceptance. It appears as though the current financial situation is speeding up this process.

JP Morgan has added its first set of crypto exchange customers. The industry giant has previously been hostile towards the crypto space. Andrew Benson, co-founder of River Financial believes that Bitcoin has a big role to play in the future of finance. He thinks that the present financial framework is not “culturally or technologically prepared” for the future.

Bitcoin is already up 30% this year. It has remained relatively docile over the last few weeks but is still expected to finish as one of the top-performing assets of 2020. COVID-19, for all the havoc it has wreaked on society, might prove to be a blessing for crypto.

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