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Bitcoin 69k: price flies, +10% week
By Daniele Corno
Bitcoin at 69k, price marks +10% on the weekly. Debate grows over its role as a store of value against the debt crisis
Bitcoin soars, optimism returns to market
The market turns positive again in the best month of the year.
Bitcoin ‘s weekly close shows its strength, with the price up 9.8 percent on the week, settling at levels just under $69k.
The market movement was by far driven by huge positive flows into the Bitcoinspot ETF market , with inflows exceeding $2 billion, up 3 percent on total Bitcoin under management.
With this jump in price, interest from retail investors has also returned to the market . The Fear& Greed index , the index of fear and greed, is backabove 70. A figure that shows the market’s interest in Bitcoin, with levels not touched since late July, when the price of Bitcoin had last touched $70,000 before the dump on August 5, when the market fell 30 percent touching a low at $49,000.
Gold, debt and Bitcoin: future store of value?
With concerns about U.S.government debt on the rise, many investors are looking to gold as the last lifeline against inflation and debt.
Bank of America recently stated that gold is “the only store of value against the huge growth in debt.”
However, Bitcoin is gaining ground as a digital alternative. With the U.S. national debt surpassing $35.7 trillion, some analysts are beginning to wonder whether Bitcoin in the future, may follow in the footsteps of gold, becoming a safe haven asset for investors and acting as a store of value against increasingly weakfiat currencies .
