A number of venture capitalists and macro investors believe bitcoin’s price will break out soon following suit with gold’s recent climactic rise. Dan Tapeiro, cofounder of Gold Bullion International, thinks that $4.6 trillion in cash sitting on the sidelines right now, could very well flow into precious metals and crypto-asset markets. Moreover, other investors have noted that bitcoin is following the same trend silver did in 12 years ago.
Close to $5T in Market Money Accounts Could Flow Into Bitcoin Markets
Everyone has been watching digital currency markets rough the storm caused by the Covid-19 outbreak, and government-induced business shutdowns. At press time, the entire market valuation of all 5,000+ digital assets is still well over a quarter of a trillion U.S. dollars. Just recently, the cofounder of Gold Bullion International, Dan Tapeiro, discussed a study published by the research firm Refinitiv Lipper. According to the study, there is close to $5 trillion ($4.6T) in money market accounts otherwise known as liquid cash.
Tapeiro thinks that cashflow, which is at an all-time high, could easily flow into gold and bitcoin markets. Traditionally, when stocks, equities, and common commodities are plummeting, the liquid cash in money markets flow into safe-haven assets. Tapeiro tweeted on Wednesday:
Record— Almost $5 trillion dollars sitting in cash. Dash to cash most surprising because it all yields near [zero]. Huge opportunity cost vs equity, gold, bitcoin— Such great negativity/fear not usually present at equity [market] tops. Wall of worry growing taller by the day.
Tapeiro has been talking about bitcoin and gold for quite some time now, and he can be seen bolstering the subject in many videos. A number of others agreed with Tapeiro’s statements on Twitter, as one person said: “If the dollar does crash at some point, it only makes sense that people…