While the stock market has taken a downward turn in recent weeks, shedding an immense portion of its gains under the influence of significant macroeconomic challenges, other assets are standing out for their positive price action and outlook, including Bitcoin (BTC) and gold.
Specifically, according to the financial expert and CEO of cryptocurrency trading platform CoinRoutes, Dave Weisberger, the macro outlook for the maiden crypto asset and the precious metal is “overwhelmingly positive,” as he told Scott Melker, a.k.a. Wolf of All Streets, in an interview streamed on October 30.
Why BTC macro is positive
As Weisberger explained, such a positive outlook is partially the result of the presently very unpredictable geopolitical atmosphere in many countries for many people that makes portable assets like cryptocurrencies more appealing to alternatives:
“I think that the macro for Bitcoin and gold is about as overwhelmingly positive as you could possibly be. You have massive geopolitical uncertainty, and it’s a big deal – portability. Being able to take one’s assets and leave a country or move has never been more important.”
On top of that, according to the financial expert, the government is “going to use geopolitical uncertainty as a justification for spending money and for liquefying the economy” and that “the reason that our little tiny market of Bitcoin hasn’t broken is that the macro side is saying that we’re going to have to reliquify.”
In terms of gold, Weisberger said that it was “probably underpriced based on historical measures, and a large part of that, I think, is Bitcoin on the margin,” adding that the Bitcoin-gold ratio will move, but it doesn’t mean gold goes down for Bitcoin to usurp gold’s monetary value – it’s the other way around.”
Bitcoin price analysis
Meanwhile, the flagship decentralized finance (DeFi) asset was at press time changing hands at the price of $34,428, recording a decline of 0.45% in the last 24 hours, no price change across the previous seven days, and an increase of 26.61% on its monthly chart, according to the data on October 31.
Indeed, Bitcoin has outperformed traditional finance assets year-to-date (YTD), including, among others, the NASDAQ index and the SPY, and its recent rally has flipped the market capitalization of electric vehicle manufacturer Tesla (NASDAQ: TSLA), as Finbold reported on October 26.
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