Although the more traditional financial markets are being negatively influenced by the escalation of tension between the United States and North Korea, the same cannot be said of the digital universe of crypto-coins.
On Thursday, at a time when the Dow Jones, S&P 500, DAX, FTSE 100 and CAC40 futures traded between 0.3 percent and 1.53 percent, value at a pace above what has been normal in recent weeks. Before that, Donald Trump promised “fire and fury” to Kim Jong-un’s country.
For Trevor Koverko, the bitcoin market performed “so positive” last week that it broke its own record of appreciation by reaching a mark of $125 billion. It points out that this figure represents only a small share of the total value of the global financial markets, but considers that not only is there no safer industry than it is today, but there is no one that grows so fast.
According to the current CEO of Polymath, who was also one of the first investors of Ethereum, the last six months were not only an example of how this currency can grow, but also registered several new business use cases, integrating the real industrial stuff with this new form of money.
“Bitcoin, the grandmother of all electronic currencies, was the currency that performed best in four of the last five years. Ethereum has appreciated a hundred times in a year and Ripple is being used by more than 75 banks in about 27 different countries,” says Koverko. “In my opinion, the key point is that all these digital coins are protected to capital controls, bank freezes and are not linked to the economic performance of a country,” he concludes.
The safety of this asset is again attested with its performance in other tumultuous periods of recent history. Even in the face of these, the crypto-coins did not resent, showing a resilience difficult to find in other assets. By 2015, as the Greek economy collapsed, Bitcoin saw steep increases in value. By 2013, when the Cypriot deposits were frozen and the banknotes unusable, Koverko had friends whoLiftingIn crypto.
In Venezuela, where the example of crisis is current, there are Venezuelans who are exchanging Bolivar for Bitcoin to be able to support the inflated value of basic necessities. In June, the value of the transactions with this type of asset in that country reached a new maximum of 1.3 million dollars.
Now, as the US and North Korea exchange threats, Koverko has no doubts about claiming that in the event of war, demand for crypto-coins will increase suddenly, following an inevitable crash in traditional financial markets.