“We are reaching higher lows and even higher highs”, he added, commenting on Bitcoin’s price movement in the last few months.
Following the breakout of a military conflict between Russia and Ukraine, Bitcoin has shown mixed reaction, falling together with equities at first, but then strongly rebounding. Many were wondering whether BTC could still be considered as digital version of gold.
“We need to see Bitcoin as not maybe digital gold, but as a currency that doesn’t follow the whims of a central bank, but rather has a very finite quantity,” pointed out DiPasquale.
On both sides of the conflict, people are using cryptocurrency to mitigate the effects of the financial turmoil.
There are growing concerns that the Russian elite will attempt to use cryptocurrency to evade the sanctions imposed by the West. Like many other analysts in the past weeks, DiPasquale believes crypto is not suitable for that purpose.
“Bitcoin, unlike cash, is completely traceable,” he said.
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