RATE Group | Bitcoin Up 30% in 2 Weeks, Macro Investor Says FX Wars Fueing Rally
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Bitcoin Up 30% in 2 Weeks, Macro Investor Says FX Wars Fueing Rally

10 Aug Bitcoin Up 30% in 2 Weeks, Macro Investor Says FX Wars Fueing Rally

Posted at 15:21h in Bitcoin News by

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Bitcoin price is booming and the global currency crunch has plenty to do with it, according to a macro investor. | Source: Shutterstock

The bitcoin price is up by more than 30 percent in less than two weeks against the U.S. dollar following a 127 percent year-to-date gain from $4,000 to $9,100.

The bitcoin price has increased by more than 30 percent against the U.S. dollar in the past two weeks
The bitcoin price has increased by more than 30 percent against the U.S. dollar in the past two weeks (source: coinmarketcap.com)

Fundamentals such as the hash rate of the Bitcoin blockchain network remains strong amidst an intensifying currency crisis as a result of the trade war between the U.S. and China.

Raoul Pal, the founder and CEO at Global Macro Investor and Real Vision Group, stated that bitcoin, like gold, is “doing it’s job” as an alternative store of value, indicating that the uncertainty in the global economy could be fueling the sentiment around bitcoin.

Is bitcoin being seen as an alternative store of value?

According to Pal, throughout the past several months, bitcoin has…

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