Bitcoin the next safe haven? Time and trade will tell

Who would’ve thought that a virtual currency such as the bitcoin would rank so well on the forex market. The prospects are positive for the e-coin, according to Hussein Sayed, Chief Market Strategist for the Gulf and Middle East @ FXTM and host of the now popular business show, Bursat Al Alam broadcast by CNBC Arabia.

Referring strictly to the bitcoin moves, in an interview with FX Street, the trading expert said that the e-currency seems to be gaining more and more terrain in the trading field, reaching above 60% since the beginning of the year. Surprisingly, the bitcoin is now trading higher than the Gold, reaching a peak of $1,298 on Friday. However, the bitcoin cannot be considered a ‘safe haven’ as traders tend to call it, Sayed said, as the virtual currency has a rather short history in the market and is highly volatile. Yet, hopes are high and the future looks promising for the bitcoin and its potential traders, as it slowly but surely becoming a serious investment alternative to consider. Moreover, the expert pointed out that most of the e- currency’s moves “were supported by tighter currency restrictions in emerging economies, and if this remains the case in addition to political instability, we may see even further gains in the bitcoin.”

That was the evening news from cyprusthrive. Don’t miss out on tomorrow’s trading news, strategies and a lot more!

 

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