Your favorite crypto news blog

Dan Tapiero Trumpets Bitcoin (BTC) As The ‘Only True Free Market In The World’

Bitcoin 2020/03/13 22:19 by Brenda Ngari
Dan Tapiero Trumpets Bitcoin (BTC) As The ‘Only True Free Market In The World’

The price action witnessed in the bitcoin market over the last few days has been historic. Bitcoin (BTC) slumped to as low as $3,700 yesterday, before rebounding above $5K in a span of minutes.

A similar trend was seen in the traditional markets with the Dow Jones experiencing its worst day since the “Black Monday” crash in 1987.

The only difference between bitcoin and the stock market is that bitcoin will recover unaided. The stock markets, on the other hand, will require the respective governments to intervene and bring calm to the panicky markets that have spiraled down due to the coronavirus. This is according to Dan Tapiero, the co-founder of Gold Bullion International.

The World’s Richest Lost More Than The Entire Crypto Market Cap

Coronavirus has quickly turned to a nightmare as it brings the global economy to a standstill. Over the last few weeks, investors have lost trillions in the stock market rout that has been triggered by coronavirus-driven recession fears.

Bitcoin was not left out. The intense volatility on Thursday led to bitcoin plummeting to lows last seen in early 2019. However, according to Morgan Creek’s Anthony Pompliano, wealthy investors in the stock market lost more than crypto markets entire market capitalization.

Pomp concluded that the alternate financial system crypto, in this case, is just warming up.

Bitcoin Is The Only True Free Market: Dan Tapiero

Over the past couple of days, circuit breakers in the stock markets have been triggered due to the brutal sell-offs. This resulted in trading being temporarily suspended for a few minutes in order to eliminate fears that could lead to a death spiral on the markets. For instance, on March 9, circuit breakers were triggered when the S&P 500 fell 7 percent, halting trading on the US stock market for more than 10 minutes. Notably, there are no circuit breakers in the cryptocurrency markets.

Moreover, the Federal Reserve pledged to inject over $1 trillion into the markets over the next few weeks to help keep the markets afloat amid the coronavirus pandemic that President Trump will soon declare a national emergency.

Tapiero noted that unlike the stocks that need a helping hand, bitcoin is fully capable of rebounding on its own because it is undeniably the “only true free market” in the whole wide world.

Tapiero implies that bitcoin’s drop to the $3000 level is not entirely a bad thing as it recovered quickly without the intervention of any entity. Once the dust settles, bitcoin will be “fine”.

More cases of coronavirus globally are to be expected in the near future as Europe now becomes the new epicenter of the virus. As such, BTC is likely to remain below $6,200 for a while. The OG crypto is changing hands at $5,253.71 at the time of publication.

0 Like(s)

You should also read...

Bitcoin 01/12/19 14:11 by Christine Vasileva
US Stock Markets to Have a Slow 2020, Will Investors Turn to Bitcoin and Crypto?
The US stock market rally in 2019 surprised skeptics, as indexes continued to surge despite underwhelming performance and setbacks for the FAANG stocks. But Wall Street pundits are predicting that 202...
Read More
Crypto 13/12/19 03:30 by Jamie Redman
Mainstream Investment Vehicles Tied to Cryptocurrencies Grow Exponentially
These days bitcoin and a variety of other digital assets are now being traded as funds and traditional equity holdings. The landscape of crypto investment vehicles has changed significantly as institu...
Read More
Bitcoin 23/03/20 12:16 by Brenda Ngari
Billionaire Bull Mike Novogratz Perfectly Explains Why He Believes 2020 Will Be Bitcoin’s Year
After hovering just below $6500 yesterday (March 22), the bears won the day as BTC price crumbled below $6,000. Bitcoin is trading at $5825.42 at press time and some traders expect further correction...
Read More
Bitcoin 01/04/20 14:40 by Yashu Gola
Three Key Reasons Why Bitcoin Could Plunge Below $5,000 in April
Bitcoin prices plunged sharply over the first three months of the year as concerns about the global coronavirus pandemic and its impact on the economy grew. The benchmark cryptocurrency closed the yea...
Read More
Bitcoin 19/04/20 09:00 by Nick Chong
Don’t Sleep on This Key Sign Showing Bitcoin Bottomed At $3,700
Last month, as the world began to grapple with the economic reality of the coronavirus outbreak, Bitcoin fell off a cliff — tumbling from $7,700 to $3,700 within the span of two days, a drop of over...
Read More