RATE Group | Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin
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Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin

26 Mar Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin

Posted at 22:02h in Bitcoin News by

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Demand for gold is skyrocketing and the clamor for scarce assets in a remote-first world was precisely where bitcoin was supposed to shine. 

However, rather than creating a perfect scenario for the supranational money, the coronavirus crisis could instead entrench reliance on traditional institutions. In a world where central bank digital currencies (CBDCs) from major economies are fast approaching, bitcoin settlements may appear less attractive to compliance-focused financial entities.

As for short-term market signals, it’s more common for big traders to turn to oil or gold these days, according to eToro CEO Yoni Assia.

“The Saudi-Russia-U.S. competition on lowering the price of oil has added a lot of fire … some days [oil] is now the most traded asset on eToro,” Assia said. “There’s been a significant squeeze on the ability to purchase dollars. … There are liquidity issues but we’re still not at the point of 2008.”

Assia said overall activity on eToro is up in…

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