RATE Group | Investors Seek Shelter in US Dollars & Bitcoin
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Investors Seek Shelter in US Dollars & Bitcoin

21 Mar Investors Seek Shelter in US Dollars & Bitcoin

Posted at 21:47h in Bitcoin News by

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Two of the best-performing currencies since the March 12 meltdown have been the United States Dollar and Bitcoin. In times of economic turmoil, investors shed riskier assets and acquire less volatile ones. This is known as “flight to quality.” This happened in 2008 when the global demand for U.S. government bonds resulted in negative interest rates, and may be happening now with Bitcoin.

Bitcoin closed at $4,970.79 on March 12. However, on March 19, it rebounded 25% to $6,191.19. 

Meanwhile, the USD has been gaining on its main competitors for global dominance: Euro, GBP, AUD, and CAD, amongst others.

Source: Oanda

Google Trends: coronavirus, USD & BTC go hand-in-hand

Google Trends indicates that the coronavirus has caused a simultaneous spike in searches for “Bitcoin” and the “United States dollar.”

Source: Cointelegraph, Google Trends

There is a strong correlation between the searches for “Coronavirus,” “Bitcoin” and “United States Dollar.” 

When the U.S….

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