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ccording to Standard Chartered Bank, the recent dip below $60,000 dollars that bitcoin experienced is nothing to be worried about and I just another buying opportunity for long-term holders.
Market Dynamics
Geoffrey Kendrick, Standard Chartered Bank’s head of Digital assets research states that despite ongoing geopolitical tensions occurring in the Middle East, Bitcoin is still a buying opportunity especially as odds of Trump winning the elections are in his favor compared to vice president Kamala Harris.
Bitcoin as a Hedge
There is no doubt that gold has served as a hedge against geopolitical tensions for many years, and has proven itself as a safe haven. Kendrick points out, that Bitcoin’s role is not necessarily that. Bitcoin is more of a hedge against systematic financial risk, such as a capital control from banks or bank collapse or even a hedge against rising inflations due to its scarce supply.
StanChart: BTC Dip a Buying Chance
Standard Chartered said while the dip below $60,000 dollars can increase doubt in investor sentiment, it’s a possible buying opportunity for longterm holders. In the coming weeks, geopolitical fears and US election prospects should drive Bitcoin’s volatility, as the two play off one another.
