President Trump’s on Iran revive the ‘Is Bitcoin a safe haven asset’

Donald Trump’s call to impose more economic sanctions has revived the ‘Is Bitcoin a safe haven asset’ argument. Is Bitcoin a safe haven asset? US President Donald Trump has called to impose further economic sanctions on Iran after Iran conducted...

President Trump’s on Iran revive the ‘Is Bitcoin a safe haven asset’

Donald Trump’s call to impose more economic sanctions has revived the ‘Is Bitcoin a safe haven asset’ argument.

Is Bitcoin a safe haven asset?

US President Donald Trump has called to impose further economic sanctions on Iran after Iran conducted an airstrike against US forces stationed in Iraq. The attack was conducted in retaliation for last week’s drone strike that resulted in the death of Major General Qassem Soleimani. The tensions caused a spike in Bitcoin’s price as the assets price crossed the 8,000 dollar mark and subsequently cooled off as tensions decreased.

Currently, both sides claim that they hope for peace. Iran’s Foreign Minister has stated that Iran does not want to escalate the tensions or start a war but has explicitly stated that the country will defend itself against “any aggression.” 

Meanwhile, US President Donal Trump claimed that the attack did not cause any deaths or injury and the damage was minimal. However, Trump’s address towards Irani people had a threatening tone as he boasted about the “big, powerful, accurate, lethal, and fast” missiles of the US military. He stated that while the US military possesses them, it should not use it. He stated that the US wants Iran “to have a future,” and the US is ready to embrace peace with those who seek it.

 Amidst these tensions, the interest in Bitcoin spiked as a search trend for “Bitcoin Iran” soared. This trend was accompanied by a sudden spike in Bitcoin’s price. However, the increase in Bitcoin’s price was preceded by the pump in the price of gold and oil.

Bitcoin is being invested in is clear. However, it is much more likely this is the move of speculators instead of people affected by the crisis. These people are hoping that the asset’s price would boom once Irani citizens invest in the asset. However, similar events occurred in the first half of 2019 when US-China tensions were rising. In the end, it turned out to be the work of speculators.

Featured image by Pixabay

Enjoy an anonymous cryptocurrency betting & casino in one place with 20+ cryptos available and get a generous Welcome Package up to 7 BTC now! Use a promocode and grab a 125% bonus for the 1st deposit!

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0
Coinslice is cryptocurrency news portals that present the latest news in the cryptocurrency and blockchain niche. Stay updated with the latest price analysis of major cryptocurrencies & various blockchain news. For cooperation inquiries contact: [email protected]

Leave a comment

We use cookies to personalize content and ads, to provide social media features and to analyze our traffic. You consent to our cookies if you continue to use our website.