CoinShares chairman Danny Masters says Bitcoin is now the best-looking asset in bleak economic times.
Masters says Bitcoin’s ability to keep on ticking and processing transactions no matter what’s happening in the world is an underappreciated and unique strength of the leading cryptocurrency.
“Bitcoin is arguably the only financial asset that can operate remotely. Nobody needs to go to work to make Bitcoin work. Nobody needs to fill an ATM machine.
While things look bleak for everything, I can’t think of a better asset to buy than Bitcoin.”
Despite Bitcoin’s recent breakout after plunging last week below $4,000, analyst Josh Rager says he’s far from bullish on Bitcoin in the short term. He’s looking for BTC to push past resistance at $6,400.
“BTC rejected off the point of control (highest traded volume price) – a level that we saw act as support twice before the breakdown.
For me to start to feel bullish, price needs to flip at least $6400 on high time frames. Even then, stocks selling off is not bullish for BTC.”
Bitcoin is at $6,053 at time of publishing, up 14.05% in the last 24 hours, according to CoinMarketCap.