Co-Founder CØ₿RA Warns Against Using Bitcoin As A Hedge For Traditional Market Volatility’s Co-Founder, who goes by the CØ₿RA moniker, has argued against bitcoin’s status as a safe-haven asset.

According to a series of tweets published, CØ₿RA has called into question whether bitcoin and other cryptoassets can be considered a safe haven from the volatility of traditional markets. CØ₿RA warned against using bitcoin to hedge against the traditional financial system and called it “the biggest mistake” an investor could make in the current economy.

CØ₿RA explained that people view bitcoin as a risky investment and are more inclined to purchase BTC when they have extra cash. With the economic fallout and massive surge in unemployment due to the coronavirus pandemic, the co-founder anticipates a fall in demand for bitcoin.

CØ₿RA went on to write the entire cryptocurrency market is sustained by “newbies” and greed-fueled investment.

He concluded by predicting that bitcoin’s price could fall to $1K – $2K in the event of an economic depression, with most investors selling their crypto-assets to cover more essential personal costs.

[image credit : Wallpaper Flare]

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