Bloomberg discusses Brexit, trade wars, and future of Bitcoin

For those who have wondered about what is the future of Bitcoin against an uncertain backdrop of Brexit, trade wars and geopolitical tensions, on 20th November 2019, a Bloomberg panel consisting of founder of Pfeffer Capital, John Pfeffer, founder and CIO of Ikigai Asset Management, Travis Kling, and head of markets for Blockchain, Charles McGarraugh, got together to discuss these very issues.

At a time when US-China trade war is at its peak, Hong Kong protests continue with no hope for resolution, tension brewing over Brexit and the critical attack on Saudi Arabian oil producer Aramco are shaking up the financial and commodity markets with stock prices and real estate market hitting all-time highs, one would not help but ponder about what is it that would ultimately protect your wealth?

What is the future of Bitcoin amid Brexit, trade wars and global uncertainty?

According to the Bloomberg panel, who sat down for an interview at the Future of Digital Assets discussion in London, Bitcoin could be the answer in times of uncertainties. Charles McGarraug states that Bitcoin does serve as an ideal hedge amidst rising global change. He says that is totally convinced with the idea that Bitcoin has more mass appeal where there is a looming threat of recession and economic crisis.

To that, John Pfeffer responded with an absolute conviction and added that Bitcoin’s future as digital gold is imminent. It will happen sooner or later, Pfeffer commented. He went on to highlight a point that had Bitcoin replaced gold by now, the positive aspects of it would have been a lot different as it would be worth at least one or two orders of magnitudes more.

Bitcoin shows immense potential and can be touted as a digital gold in the future. And since it hasn’t achieved that goal yet, there is a lot of upside and downside as well, remarked Pfeffer.

Travis Kling had a more straightforward opinion to put forth. Per him, Bitcoin is a risk asset and must not be confused with a safe haven asset. And while it appeals to investors with specific investment interests, it seems more lucrative when monetary and fiscal policies are ambiguous. Investors globally do not think of Bitcoin as a store of value, but because it has the potential to be one, it comes off as an attractive investment option, Kling elaborated.

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