Why Bitcoin Could Be Stronger Than Fiat Currencies After the Global Economic Crisis

Why Bitcoin Could Be Stronger Than Fiat Currencies After the Global Economic Crisis

In its latest report, Delphi Digital— a premier digital asset research specialist—explains that the efforts being made by central banks across the globe to keep their economies afloat in this ongoing global crisis will be most beneficial for Bitcoin.

The research hub stated that monetary and fiscal relief being injected into the global economy has now exceeded $10 trillion. Such huge sums of newly minted cash will likely induce global inflation, giving Bitcoin a suitable environment to thrive thanks to its deflationary policy.

Although it may take a while for Bitcoin to get fully indoctrinated into the global financial system, it is already outperforming many of the stronghold fiat currencies across the globe. For example, Bitcoin is up against the Russian ruble by more than 44% year-to-date (YTD). The benchmark cryptocurrency is up against the US dollar by more than 20% YTD, and up against the Brazilian real by more than 74%.

Furthermore, on-chain metrics also revealed in a recent post that the demand for Bitcoin is on a steep rise. Delphi revealed that the amount of BTC held by smaller wallets (<10BTC) was rising exponentially. This is believed to be indicative of “continued new user growth.”

BTCUSD – Daily Chart

Bitcoin (BTC) Value Forecast — May 14

BTC/USD Major Bias: Bullish

Supply Levels: $10,000, $10,550, and $11,500

Demand Levels: $9,000, $8,600, and $8,000

Bitcoin, in an unprecedented move, has broken out of its consolidating region and key resistance levels and is now headed for the $10,000 level—once again. Given the momentum Bitcoin is on, it could very likely continue on this trajectory and take the $10,550 resistance and higher. Upwards is the path of least resistance for Bitcoin at the moment, hence its likelihood to continue on this path. Failure to take the 5-digit resistance could send Bitcoin into its previous consolidation region and even lower.

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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