Investing In Bitcoin is Recommended by Investment Banks
On Sep 12, 2020
The US Congress is discussing a further program to improve and maintain the state of the economy in the face of a pandemic since the fact of the arrival of the second wave is high. But despite this, a major investment Bank recommends investing in cryptocurrency.
One of the analysts of Oppenheimer states that now is the perfect time to invest in cryptocurrency, such as Bitcoin. As a result of the explosion of it in the cryptocurrency market, its price reached the highest level in about 11 months.
But at the same time, gold also reached its peak in the previous 9 months. Investors are rushing to invest in the right currencies because there is high tension in the world and the possibility of a second wave coming. There is an opinion that Central banks and governments will continue the above-mentioned incentives, thereby increasing the inflationary bias.
The Cryptocurrency Has Yet To See Its Rise
Ari Wald, head of technical analysis at the bank, said:
“We’ve been recommending gold to play the expansion of the [Federal Reserve’s] balance sheet. It’s actually the high momentum commodity, it ranks highest above all commodities out there in terms of momentum.”
Still, Wald added, “We do recommend sticking with it, but I think it’s worthwhile to highlight bitcoin instead which isn’t as extended. Thus, if you are a long-term holder, this is the type of action you’d like to see,”
We also want to note that the analyst claimed that the cryptocurrency has yet to see its rise, which will give it a large profit in the long term.