We spoke with Mike Alfred, Co-Founder and CEO of Digital Assets Data, about weekly happenings on the market and the correlation between Bitcoin and gold.
With the Dow and S&P 500 rallying two days in a row this week off the back of positive headlines that indicate the slowing spread of the coronavirus, investors seem to be more enthusiastic than before. Even United States President Donald Trump claimed that, over the previous four days, the stock markets increased the most in “more than 50 years.”
This means that investors’ confidence in the country’s economy is improving and that the demand is increasing, Trump asserted at the Coronavirus Task Force press briefing.
“There’s something good going to happen, I really believe that. We have to get back,” he stressed.
However, investors in cryptocurrencies might be surprised by the Bitcoin and other altcoins movements these days. Mike Alfred, CEO and Co-Founder of Digital Assets Data, fintech data company that builds enterprise-grade software for crypto hedge funds, commented on how Bitcoin prices are expected to follow suit. Mike is an experienced entrepreneur, previously founding Brightscope, a financial information company, where for nine years he and his team provided insights to traditional asset managers, brokers and financial advisors.
Bitcoin as Digital Gold
“It seems like the Bitcoin community is still relatively gun shy and nervous about a retest of the lows, which is fairly bullish for the price. I foresee those who expect prices to go back down to $3,800 will have to capitulate and buy, which will give Bitcoin prices another boost over the next few months. The Bitcoin community tends to be unnecessarily bearish every time Bitcoin hits trough prices and almost invariably the market does the opposite thing of what seems most logical in the short term with prices bouncing back up”.
However, since we are listening to the stories of Bitcoin being digital gold, we were pretty surprised…