According to the director of BitBull, this change is due to the better understanding of bitcoin as a deflationary asset, against the dollar as an inflationary asset »
This Thursday, April 30, due to an increase in the market value of cryptocurrencies, the prices of cryptocurrencies increased dramatically, led by bitcoin that reached a value of $ 9,388, the highest recorded since March 7.
This increase is due to the fact that in 24 hours the cryptocurrencies amounted to around USD 35,000 million.
Despite the COVID-19 pandemic, it has hit the world economy hard. Several of the main central banks around the world have presented stimulus packages to cushion the economic consequences, this being one of the factors behind the growth of the cryptocurrency market.
Joe DiPasquale, CEO of crypto hedge fund BitBull Capital said that “investors have only been scratching the surface of bitcoin and crypto for years” and added that this “seismic shift” within the investor community “is due to the best understanding of the “bitcoin proposal as a deflationary asset, against the dollar as an inflationary asset”.
During the month of April, bitcoin managed to regain its status as one of the best performing assets in the world, after a 94% return in 2019.