While coronavirus panic continues to adversely affect global markets, bitcoin and gold prices started to rise rapidly. Bitcoin price, which has been below $ 6500 for a few days, is currently pushing $ 7000.
BTC and Gold Hand in Hand
The Federal Reserve made a radical statement to reduce the economic effects of the coronavirus outbreak the other day. The Fed announced a few days ago that you could buy $ 500 billion of Treasury bonds and $ 200 billion of mortgage-backed securities. The Fed announced yesterday that it had removed these restrictions and could buy infinite amounts of bonds. With this statement, the Fed announced that it could put an infinite amount of money into the economy.
Bitcoin and gold prices started to rise rapidly after this news from the USA.
Year of Bitcoin
Galaxy Digital CEO Michael Novogratz looks extremely pleased with this move in BTC and gold prices. Novogratz made a statement about Bitcoin the other day and said that the price of BTC will fluctuate for a while, but in general “2020 will be the year of Bitcoin”.
Addressing the movement of gold prices today, Novogratz thinks that the price of gold will continue to rise. Meanwhile, Novogratz expects BTC to accompany it.