For a long time, the crypto community has been embroiled in a debate about the quality of Bitcoin as an asset store of value. With crypto influencers declaring that BTC will become the gold of the future. While crypto skeptics dismiss cryptocurrency as a speculative asset with no real value. However, for Anthony Pompliano Bitcoin has been the best asset store of value during the Coronavirus crisis, as he commented in the Tweet of the day:
Bitcoin: a store of value in the face of the crisis
For a long time, the nature of Bitcoin has been a recurring topic of debate. However, he had never been so fierce as during the Coronavirus crisis. Well, since 2008, the world had not faced such a deep economic collapse. Which tests BTC’s ability to serve as a store of value asset.
Thus, if Bitcoin really is an asset store of value like gold, the value of the cryptocurrency would have to withstand the onslaught of the crisis, maintaining its value or even increasing it. What initially it seemed that it was not going to be able to do, due to the 49% collapse in its value after the Coronavirus reached the Western world.
However, as Anthony Pompliano highlights through his Twitter account. The price of Bitcoin not only recovered after the fall, but when you look at its performance, it has been higher than that of most assets in the market:
“Bitcoin not only finally recovered, but it has risen by 70% so far this year. Bitcoin has actually been the best performing of the store of value assets. This means that it could be argued that Bitcoin has served as the BEST safe haven asset during this crisis.“.
However, and although with this message it seems that Anthony Pompliano puts an end to the debate. The truth is that there are still many people inside and outside the crypto market who deny the quality of BTC as a store of value. So we can be sure that the debate will continue in the future.