ETC Group founder says bitcoin currently serving as a "long-term safe-haven asset"
London, UK
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August 23, 2023 05:11 AM Eastern Daylight Time
ETC Group founder and chief strategy officer Bradley Duke speaks to Thomas Warner from Proactive about the latest developments from the world of crypto, following a mini-crash in bitcoin values last week.
Duke explains that after a period of remarkably low volatility, bitcoin faced a sharp sell-off last week, dropping from around $30,000 to $25,000 due to concerns about China's economic health and signals from the US Federal Reserve regarding high interest rates. He highlights an intriguing correlation between Bitcoin and traditional markets, which had been at odds with the previously observed divergence.
He also notes the "hodler" phenomenon, with a significant percentage of Bitcoin holders refraining from trading their holdings, even during peak price periods. He says "the bitcoin investors we see as quite an unusual animal... there seems to be this mindset of buy and hold with bitcoin as a long-term safe-haven asset."
Duke expresses long-term bullish sentiment for both bitcoin and Ethereum, emphasising the potential of both cryptocurrencies, though he acknowledged the inherent unpredictability of price movements in crypto markets.
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