Google says it has been experiencing an uptick in crypto interest as for Bitcoins as the numbers in search results double. The online powerhouse has recently reported a 30-day high in BTC search results within the United States, having done so on the 13th of March, 2020. Interestingly enough, this came shortly after the great crypto market crash of 2020, which saw the most significant drop in seven years for BTC, and over a billion USD’s worth of BTC liquidated.
The global crisis and financial market turmoil have many investors looking into whether cryptocurrencies, such as bitcoin, are a good investment for them.
Analysis has predicted high institutional investor demand for bitcoin post coronavirus crisis, giving three key reasons why the cryptocurrency is an attractive investment.
High Institutional Demand Expected Post Coronavirus Crisis.
The covid-19 pandemic has led to an unprecedented economic crisis, with the IMF calling it the worst recession since the Great Depression.
Companies are missing their earnings estimates and many traditional investments have taken a hit across the board. The crisis has investors scrambling to find safe haven assets, and more people are now asking whether cryptocurrencies, such as bitcoin, are a good investment.
Firstly, the stock market may lose its attractiveness after the coronavirus crisis due to decreased demand for many companies’ products, resulting in long-term declines in corporate profits.
Next, it is asserted that cryptocurrencies are attractive because there is still very little correlation between them and traditional investments.
During the plunge, of course, all assets were sold, both gold and bitcoins were sold, but they picked up thereafter … As a result, there is more room to incorporate assets that will have little correlation with the uncertain future society.
Another reason why investors will be more interested in cryptocurrencies compared to other asset types is that “among such uncorrelated assets, the one most investors have not yet incorporated [into their portfolios] is cryptocurrency, especially BTC.
Furthermore, various finance experts have recommended putting bitcoin in investment portfolios. Rich Dad Poor Dad author Robert Kiyosaki has repeatedly said that the dollar is dead and people should invest their stimulus money in bitcoin.
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