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Bitcoin ... the new compass for global investment companies

2021-01-27T22:04:31.644Z


Damascus-SANA At a time when world economies are going through tough times amid slowing and volatile global economic growth


Damascus-Sana

At a time when world economies are going through difficult times amid a slowdown in global economic growth and sharp fluctuations in global stock exchange prices, up, down, and decline in traditional currencies, the cryptocurrency "Bitcoin" is witnessing one of its best performance levels during the current year with touching record levels not seen since its establishment. 2009 year.

According to a report issued by the American Bloomberg Agency, the current year witnessed a rise in the price of the cryptocurrency by about four times, to exceed 30 thousand dollars for the first time in its history, as it continued to achieve record levels, considering that this currency has become a safe haven from economic inflation in the midst of quantitative easing measures taken by central banks. Around the world to face the consequences of the Corona pandemic.

According to the monthly survey conducted by the Bank of America Merrill Lynch of its investment fund managers, the indicators indicate an increase in Bitcoin trading with the bank’s clients, due to the ease of dealing with them, their increase in value and the increase in the scope of their use. This is what drives investors and companies to deal more with it. Looking for a big profit in a short time.

Major investors on Wall Street, Paul Tudor and Stanley Draken are looking at the cryptocurrency as an alternative asset and a store of value, and with days it will transform from a marginal investment tool to one of the main assets that are being used on a large scale, attracting a lot of liquidity at a time when companies like "Micro Strategy" are heading And "Square Inc.", "Guggenheim", "Tom Lee Fundstraat" and insurance giant "Mas Mutual" are about to convert their liquid stocks into cryptocurrencies in search of better returns.

Douglas Porthwick, chief marketing officer at the cryptocurrency trading platform "INX", says that one of the most important reasons for companies and individuals to deal with bitcoin is their ability to overcome the collapse of local currencies and avoid any deficit in the treasury or inflation that hits the economy, thus avoiding the decline to zero.

Reuters news agency quoted analysts of the American investment bank "JP Morgan" as saying that the digital currency Bitcoin emerged as a competitor to gold with the possibility of reaching 146 thousand dollars per bitcoin if its use was established as a safe asset, noting that the digital currency had already begun to compete with precious metals such as gold.

According to data released by the Revolt platform, Bitcoin has attracted 300,000 new cryptocurrency customers over the past 30 days.

According to the QueenDisk news site, the British-based investment management company, Raver, has raised about 550 million pounds through its dealings in Bitcoin since November, which represents about 2.7 percent of the company's assets in a step experts see as the beginning of a widespread trend. Towards investing in the Bitcoin currency, which investment companies can no longer ignore in light of the precious metals faltering.

Bitcoin is a virtual cryptocurrency that does not have a serial number and is not subject to the control of governments, individuals and central banks like traditional currencies around the world, but is dealt with only through the Internet without a physical presence.

 Fahmy Al Shaarawy

Source: sena

All business articles on 2021-01-27

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