A new key bull trigger for Bitcoin has reemerged in the latest cryptonews as one Visa executive calls for a new BTC surge, advising consumers to “opt out with Bitcoin” amid the dollar craze.
As the USD currency lost its value, BTC is inches away from getting a new boost, the executive claims. He even said that the boost that got Bitcoin to the price of $12,500 earlier this month was correlated with the dollar.
On August 28, the US dollar currency index (DXY) returned to crucial low levels, after losses caused by a speech from the Federal Reserve (Fed) emerged. At press time, the DXY measures around 92.28 which is its lowest since August 19. The index had seen years of decline, with 92.17 being the low which challenged precious lows from April 2018, as the Bitcoin news today show.
Aside from the Visa executive calls, analysts are also predicting a potential new rise. One of them is filbfilb who today said that there may be six new ways in which BTC could rise and visit new highs right now.
However, the Visa executive calls for an event that may be written in the history books. We are talking about Andy Yee, who is the senior director of public policy at Visa. He tweeted the following:
“Jerome Powell’s speech today will be for the history books.Never in the history of mankind was so much stolen from so many by so few. Opt out with Bitcoin.”
Jerome Powell’s speech today will be for the history books.
Never in the history of mankind was so much stolen from so many by so few.
Opt out with #Bitcoin.
— Andy Yee (@ahkyee) August 27, 2020
According to the CEO of Real Vision Raoul Pal, the words by Powell were confirmation that both Bitcoin and gold will remain strong in the future, but Bitcoin would win out for investors. As he said:
“I think they both rise over time in inflation or deflation. Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation.”
I know bitcoin and gold are selling off right now and may go further but with Powell today, it tells you they have no desire to raise rates and a skewed desire to print more. That plays to the inherent upside skew in both assets.
I think they both rise over time in inflation 1/
— Raoul Pal (@RaoulGMI) August 28, 2020
Anyways, the reduction in the new supply of BTC clearly reduced the selling on the market, adding up to a potential BTC surge. The author of the book “The Bitcoin Standard” pointed this out in his Unchained Podcast on August 25.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]