Bitcoin Fever, Reportedly Triggered By The Stocks Pessimism & Global Debt Reaching $243 Trillion – Catalysts For BTC Surge
There’s a new report out which highlights some pretty exciting aspects regaring the surge in Bitcoin’s price and also the boosted interest in the digital asset.
Bitcoinist online publication makes some interesting assumptions.
They say that the mounting global debt could be triggering pessimism about stocks while at the same time spiking Bitcoin fever.
According to the latest reports, the global debt has reached $243, and the stock market is also becoming gloomier with each passing day.
It seems that considering this financial scenery, more and more investors are becoming interested in Bitcoin and financial analysts debate the causes of this renewed interest in the most important digital asset.
Pessimism about stocks and surging BTC fever
The online publication mentioned above reported that global debt has increased by more than 50% since the last financial debacle from a decade ago.
According to the Institute of International Finance (IIF), even if the global debt slowed sharply in 2018, it gained “a global debt mountain” of $243 trillion.
The IIF released a report where they detail how each sector has contributed to this substantial global debt.
Meanwhile, Wall Street companies have been increasing their involvement in the crypto space.
More and more financial experts and analysts are trying to find out whether the increasing interest in BTC has something to do with the mounting global debt.
— IIF (@IIF) April 2, 2019
Four reasons for BTC’s latest surge
The online magazine mentions Richardson GMP, one of Canada’s leading management firms, who has suggested the following factors which might have led to the rise of BTC during the past week.
- A short covering/squeeze that was triggered when Bitcoin recently moved above $4,000
- A blockchain conference in Seoul
- An exchange of pounds for Bitcoin by British citizens in case Brexit goes horribly wrong
- An April Fools’ Day story on an obscure crypto website claiming the U.S. Securities and Exchange Commission approved Bitcoin exchange-traded funds
Head over to the original article to find out more details.
It’s also worth mentioning that this year, the crypto space has been flooded by tons of Bitcoin-related predictions and most of them have been bullish.