“Bitcoin as an indicator of global crises” according to Nicholas Kolas
Nicholas Colas, co-founder of DataTrek Research, said that Bitcoin is an excellent indicator of global geopolitical and economic turmoil.
In an interview with CNBC, Kolas noted that bitcoin was one of the few indicators that predicted protests in Hong Kong and the subsequent outflow of capital from the region. He also emphasized that Bitcoin has become a safe asset, just like gold.
“We really see it. And this was especially evident during the protests in Hong Kong, when there was an outflow of capital in this region. Bitcoin was one of the few assets that predicted this political uncertainty. Nothing else moved, only Bitcoin, ”said Nicholas Kolas.
Recently, a similar view was expressed by the former Deutsche Bank Executive Director Peter Tchir, who also noted that Bitcoin has become one of the best indicators of tension in world geopolitics.
Kolas said that despite everything, Bitcoin is a new and very volatile asset, so new large-scale market drops may occur in the future, as last year, when the price of the first cryptocurrency collapsed from $ 20,000 to $ 3,500.
Currently, the first cryptocurrency is trading at around $ 9,900, although a few hours earlier the rate was down to $ 9,500. Recently, Goldman Sachs analysts predicted that in the short term, the Bitcoin rate could rise to $ 13,900.