Along with gold, investors are actively buying BTC amid a tightening trade war between the US and China. Due to the escalation of the conflict between the two superpowers over the past 4 months, the number of transactions with Bitcoin on the eToro platform has grown by 284%. Over the same period, the number of transactions with gold increased by 73%.
As a rule, such synchronized activation of trading activity often occurs against the background of important events in the international economy. Thus, it is possible that along with the noble metal, investors began to perceive BTC as a protective asset.
According to eToro analyst Simon Peters, being a limited asset with usefulness and intrinsic value, gold has never been affected by changes in central bank rates. As a result, the noble metal has historically served as a refuge for investors during times of economic crisis. Although it is worth noting that Bitcoin is more volatile than gold, which means a more risky asset. However, Peters emphasizes, that investors seem to be starting to be much warmer about the first cryptocurrency.