The third Bitcoin halving has come and gone with its frenzy and excitements. It was never a smooth one owning to the events that surrounds the 2020 halving. Beside the global tussle for adoption which has met brick resistant in some countries and a welcome hug in others, the ongoing trade war between US and China, and worse still the Covid-19 pandemic rubbed off on the entire globe. It is already history that Bitcoin sailed through in the midst of the storm.
Bitcoin versus other assets class in the face Covid-19 pandemic
The Covid-19 pandemic was the strongest wind that seems to have affected the various speculations of the halving amidst other economic troubles. Barely two month to the well expected halving (on March 12th 2020 to be precise) and in the heart of the covid-19 pandemic, the Bitcoin saw a sharp decline in one day going from over $7800 to less than $3700. The shock was so much that many weak hands not only panic sold, but also exited crypto. The same Bitcoin still surpass the $10000 mark before the halving in less than 2 months.
Bitcoin stands tall when compared to the other assets class in the face of the recent happenings. With the limited supply of Bitcoin, it is by far variance with fiat that has the tendency to be printed at will by the government of most countries of the world to salvage the covid-19 economic menace. Precious metals like Gold, silver bowed to pressure and did not rebound as fast as Bitcoin. It is on record that no asset class has the recovery flexibility like that of Bitcoin. Stocks, equity, future markets and several commodities met their all time low and are still trying to regain their former positions.
Underlying indicator of Bitcoin’s positive trend
It is interesting to note that the price of Bitcoin after halving maintained the momentum that was gathered before the halving to the bias expectation of a Bitcoin price dipping below $8000. However, the good news is that its settling above the $9000 mark gives edge to the expectation that it will go crazy in 6 months time before the end of the year. This is not without the noticeable increase in hash rate and decrease in bitcoin nodes, valid evidences of more institutional bitcoin buying activity, more bitcoin payment options to fiat, and host of others.
Recent happenings and opportunities in the face of these events
There are also some critical developments in recent times that have given credence to the spate of actions and reactions spotted in the crypto currency space and mostly Bitcoin to be precise. No doubt, the narrative has changed for good and may be at the backdrop of the previous trend of Bitcoin usage in the following leading countries: Russia, China, Nigeria and US just to mention but a few. The new sharp shift could be the resultant effect of the trade war between US and China which saw an intense and increased global holding of Bitcoin to the tone of over 60% in the hands of the Chinese. This action suggests to be a likely defense weapon by the Chinese in the face of an aggravated phase of the trade war. The upbeat of cryptocurrency bill passed in Russia few days ago giving crytocurrency a legal outlook as assets or property further propelled Russia in the trend of usage and increased holding. Also it was not short of expectation that the US stepped up within the same period listing bitcoin in their various banks. It is now obvious what the cryptocurrency road map is like from here. It is no longer bleak now that the situations and events have set clearly the three major global bitcoin players in the countries of China, US and Russia.
Just recently, the bitcoin prices responded to these activities and took a gigantic walk to cross the $11000 mark. The exchanges exploded as flight of funds tries to get into the crypto space as quickly as possible before it is too late. Where there is a sign of a likely repeat of the 2017 mad Bull run, many can still take solace in other viable options like CFX and PGI besides rushing to the crypto exchanges to have a slice of the crypto boom. The coast is still clear and the time is now!