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CoinShares Chairman Betting on Crypto King, Calls Bitcoin (BTC) Best Asset in Bleak Financial Times – Here’s Why

March 20, 2020

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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.

Via Bloomberg,

“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.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.