Bitcoin Sees Rocketing New User Inflow
Are those fearing an economic crisis or collapse turning to BTC?
Crypto traders have been closely watching the rapidly developing Coronvirus pandemic’s impacts on the global economy, as Bitcoin’s recent status as a risk-on asset has made it particularly prone to seeing volatility similar to that seen by the traditional markets.
This risk-on asset classification may soon be nullified, however, as the benchmark cryptocurrency has seen a tremendous rise in adoption amongst new users throughout the past couple of weeks – according to new data.
If this trend extends further, or accelerates in the coming days and weeks, it could signal that those fearing an economic crisis or collapse are turning to BTC – potentially shifting it to adhere to the previously invalidated “digital gold” narratives.
Some believe that the jobs market – along with other economic strength indicators – will all see sharp “V-shaped recovery” while other analysts are offering more pessimistic outlooks.
Either way there is a bullish case to be made for Bitcoin, as the benchmark crypto could rise alongside the financial markets if it maintains its correlation to them or could also see upside if it breaks this correlation and becomes a digital safe haven.
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