Bitcoin powered to a new high for a consecutive second week. This has fuelled the speculations that it could be a safe haven in the future for investors. The current month has been a happening month in terms of predictions for the world’s largest cryptocurrency with Max Keiser and Ronnie Moas predicting new highs in the coming year 2018.
According to Cointelegraph, eToro analyst Mikhail Mashchenko believes that Bitcoin will be looked as an insurance thing by the professional investor if a major financial crisis occurs in the financial markets.
Market is now the second oldest bull market
According to Fortune, the current market is the second longest bull market in the history. It has lasted 104 months so far and the longest one lasted 113 months and ended in 2000. Now investors are preparing contingency plans for the inevitable turn of the stock markets Bitcoin will have a good role in the time of crash if Mr. Mikhail Mashchenko proves right.
Change of sentiments in the financial sector
Last week JP Morgan Chase announced that they will offer Bitcoin futures soon which is a big move in the banking and financial sector in America. This move came just after a few months of the condemnation done by Chase CEO Mr. Jamie Dimon that Bitcoin is a scam.
LedgerX and Revolut, popular online banking service providers and exchange operators are also seeking Bitcoin support. LedgerX recently cleared its path for offering Bitcoin derivatives. It launched its first log term options for Bitcoin and the expiration date set to December 28, 2018. They are hoping for the domestication of Bitcoin in the coming days.
All these activities and predictions in the market along with the continuing surge in the Bitcoin prices suggest a good future for the biggest market cap cryptocurrency. If all goes well, there is no doubt that Bitcoin can be the next safe haven during the stock crash if it occurs.