The price of Bitcoin is likely to keep rising until the coronavirus peaks, according to the CEO of the financial services organisation, deVere Group.
The price of the digital currency has gained more than 10% in a week and also risen by 30% since the end of 2019 – making 2020 the best start to a year for Bitcoin since 2012.
There have been more than 17,000 confirmed cases of the virus in China, with the latest death toll standing at 361. While China remains at the centre of the outbreak, deVere Group CEO, Nigel Green, highlighted that cases had also been reported in more than two-dozen countries including the UK, the US, Japan, Thailand, Australia, Spain and Germany.
“The ongoing upward trajectory of the price of Bitcoin correlates to the spread of the coronavirus,” Green said. “The more individual cases that are identified and the more countries around the world that are affected, the greater the impact on traditional financial markets, and the higher the price of Bitcoin has jumped.
“In this regard, we can expect Bitcoin’s price is likely to continue to rise until the coronavirus peaks, which according to a prestigious research group in Hong Kong, is likely to be in late April or early May.
“Whilst there will be minor peaks and troughs, as in all markets, I predict the overall trajectory of Bitcoin to remain upward until such time when coronavirus peaks.”
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