Worsening US-China Trade War Is Behind BTC Price Rise, Digital Currency Group CEO Claims
Barry Silbert claims the recent rise in BTC prices could be linked to the breakdown in trade talks between the US and China.
In an interview, Digital Currency Group founder Barry Silbert noted how BTC’s acceleration coincided with talks breaking down between Beijing and Washington.
The crypto advocate said bitcoin is proving itself to be a safe haven for investors at times of drama in the global economy — and cited other examples where BTC’s value rose as traditional stock markets took a tumble. Silbert added:
“If you look at over the past five years — when Brexit happened, Bitcoin went up. When Grexit happened, Bitcoin went up.”
However, given the volatility that the crypto markets have experienced over the past two years, the executive acknowledged that there would have been instances when BTC prices took a hit because of macroeconomic events.
The U.S.-China trade war has seen both superpowers slap tit-for-tat tariffs on each other’s goods, ultimately making everyday products more expensive for consumers.