According to a recent report, Bitcoin adoption might already be seeing a considerable boost in 2020. Research company Arcane Research has said that in just a week, trading volumes on the Bitcoin (BTC) network has increased more than 100%.
In its 22-page Weekly Update published on the 9th of January, the company says that Bitcoin’s 7-day average shot up by 126% in 2020’s first week. Specifically, Arcane Research says that on the 8th of January, one day before the publication, nearly $1.5 billion was traded. This is a giant leap forward, considering that only $192 million was traded on Jan 1.
The report also touches on the conflict between the U.S. and Iran. According to the company, “Bitcoin is showing signs of being “digital gold.”
Arcane Research also points out the price movement between both gold and Bitcoin. When Soleimani’s death was announced and fears began to spread, the price of gold jumped, but so did Bitcoin, almost hitting $8,500. Gold has always been seen as a safe haven and hedge so its rise was probably not as surprising as that of Bitcoin.
However, when U.S. President Donald Trump announced that the U.S. would be retreating, both gold and Bitcoin shed considerable weight. The price spike and fall shows that Bitcoin is considered as much a “safe haven” as gold is.
Image Credits: Pixabay
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