Samson Mow: It's time to buy Bitcoin when the Bank of England prints more money

Blockstream's CSO Samson Mow urged people to buy Bitcoin when the Bank of England announced it would print more money. Mow enthusiastically supports investors to buy safe assets to protect their assets against the economic impacts of the COVID-19 crisis.

“Buying Bitcoin.

Only buy gold and silver if you can in condition Weightless, electronically transferable and unnecessary organization custody ”.

The call to buy Bitcoin increased day by day

Proposals for investors to buy Bitcoin are increasing day by day as the government continues to print more money to cope with the economic crisis caused by COVID-19. The pandemic brought governments and policymakers a number of unprecedented financial challenges, forcing them to apply temporary measures to stabilize the economy.

The most common action is to print new money from nothing. This will inevitably lead to hyper-fiat hyperinflation over the long term, so safe-haven asset purchase orders are likely to remain valid over time.

“FT confirms what we know will happen. There is not enough savings to fund government anti-virus spending. Direct financial means Bank of England will print money. Predict things same for other central banks. A.Prefer fiat money to come step the way super inflation. Buy gold and silver ”.

Renowned entrepreneur, author and financial educator Robert Kiyosaki posted a series of tweets calling for 1.3 million followers to buy Bitcoin. In one of his tweets, he asserted that the US Dollar was dying as the government continued to print new money from nothing. Therefore, Kiyosaki urges people to buy Bitcoin, gold or silver to ensure their future.

"Dollar fades. Human desperate for money. So sad. If the government gives you free money, use it wisely. Do not save. Buy gold, silver, Bitcoin. Dollars are dying. Silver is worth 20 dollars. Tthe best is buying collaterals for future. Everyone has enough 20 dollars, especially when broadcast money.

Even these calls are well-known TV host and champion Bitcoin Max Keizer amplify further by predicting that people will buy Bitcoin in bulk to protect their investments from fiat depreciation.

Mow once again aroused debate over Bitcoin's safe haven status

Mow, a well-known cryptocurrency expert and Bitcoin advocate, also took this opportunity to highlight the advantages of cryptocurrencies over gold and silver, which are long-established safe haven assets. He told 104,000 followers they could also buy gold and silver but only if they made them zero in weight, transferred electronically and didn't need a custody.


Samson Mow - CSO Blockstream

Apparently, his tweet highlighted the superiority of leading cryptocurrencies over precious metals. This provokes mixed reactions about the ability of virtual assets to retain their value in the long run.

On the contrary, others have expressed their support for the idea of ​​buying Bitcoin. According to them, the actions of central banks are gradually reducing the value of fiat money. In such circumstances, the scarcity of cryptocurrencies helps increase its value against national currencies and is expected to outperform gold and silver.

Bitcoin's dark Thursday paved the way for new investors to flock in

'Buy Dip' is a common saying in any financial market and is almost constantly repeated during or after a market crisis. In the Bitcoin market, this saying is a motto and almost the mantra of members of the Twitter community. With volatility very common in the cryptocurrency world, would you hear ‘buy dip’ as often as ‘how much is the current price’?

If you pay attention to the Bitcoin market in the past 7 years, you will know that the 'dip' on March 12 is the largest daily decline in 12-year history in which prices have lost more than half their value. . With such a market full of liquidity demands and the recession caused by the pandemic, this dip is unlike any other dip. Regardless of how the market copes, the question is 'have you bought a dip' yet?

According to Stack's analysis (the company that created Asia's first institutional Bitcoin index fund), since the Bitcoin crash in the second week of March, both the number of transactions and active addresses have increased. .

The 30-day average number of transactions has increased by 150%, while active addresses have increased by 300% in the same time frame. From this, Stack deduced that "more users are using the network to transact".


Numberịa Address are work have BTC and TXN number | Source: Stack

Moreover, the cash flow from investors' savings flowing into Bitcoin also increased. The analysis shows that the addresses that hold a small portion of the total Bitcoin supply (currently more than 18 million Bitcoins in a constant 21 million) have also increased, suggesting new users gradually move a little bit. into the market. The report stated:

“More importantly, addresses hold 1/1 Billion % (0,000000001%) and 1/100 million % (0.0000000001%) of the total BTC supply increased by 6% and 4% respectively during this period, demonstrate new users are joining the network when they start receiving BTC in small numbers. ”

Regarding the exchanges that are welcoming new investors, Stack pointed out Binance and Coinbase with "significant retail demand" due to "a sudden increase in the number of transactions and operating addresses". Bitcoin deposits, new registrations, active trading users, and fiat-to Bitcoin transactions through credit card purchases have increased as prices began to level off and return to levels from the days before Thursday. dark.


OI Bitcoin Futures on BitMEX and OKEx | Source: skew

When comparing the on-chain and retail data above with institutional-oriented Bitcoin Futures metrics, the trend persisted. Since March 12, OI of some major exchanges (except Binance because it mainly serves retail) has not only dropped sharply but also cannot recover. For example, OKEx and BitMEX, which currently have the highest OI in the derivatives market, have a total of $ 1.2 billion worth of open positions compared to $ 2 billion before March 12.

You can see the price of BTC here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

According to AZCoin News

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