After
peaking at ₦709K ($1,820) Bitcoin price stabilized in the ₦709K ($1,820) region
earlier on May 18. The recent surge of Bitcoin price is apparently
largely afflicted with the economic uncertainty of the US, due to
troubles surrounding the Trump administration.
Donald Trump sent jitters down the spine of the world's political and financial elite from the day of his inauguration when Bitcoin price immediately shot upward.
Bloomberg reported that major US stock
indexes had their worst session in eight months while world's 500 most
valuable billionaires have lost $35 bln because of the Trump
administration's turmoil and the US economy's underwhelming performance.
Amazon's
Jeff Bezos and Facebook's Mark Zuckerberg shed $3.7 bln because the Dow
Jones Industrial Average dropped by a lot more than 370 points.
Turmoil
During an interview with Bloomberg, Evercore ISI Executive Dennis DeBusschere stated:
“What's been setting in on the length of the day is that political uncertainty is something that's likely to be responsible for an important quantity of time. We might be taking a look at a greater volatility backdrop with a trending lower market for the following number of months.”Amid the economic and financial turmoil, investors have begun to guard their assets and wealth with safe haven assets such as for example gold and Bitcoin. While gold has gained around 1.9 percent, Bitcoin price recorded an eight percent increase to surpass the ₦709K ($1,820) mark, reaching nearer to the present all-time high price established at ₦720K ($1,868)
Safe haven
Recently, BuyBitcoinsInNigeria reported
that gold hasn't met the description of a secure haven asset in the
last seven years. Being considered as a secure haven asset for
centuries, since 2010 gold hasn't managed to steadfastly keep up its
value nor demonstrate an increase. As BuyBitcoinsInNigeria noted, a ₦3,1Million ($10K)
investment in gold back 2010 could have generated a lack of ₦7800 ($20), while a ₦3,1Million ($10K) investment in Bitcoin could have generated a net gain of ₦63.2B ($200 mln)
The rise in demand toward Bitcoin in the US is evident because the US Bitcoin exchange market surpassed the Japanese Bitcoin exchange market for first time in 2017 when it comes to trading volume.
During the time of writing, Japan has reclaimed its position because the world's largest Bitcoin exchange market with over 37 percent of industry share.
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