Forex trading instructor for DailyFX and ex-JPMorgan Chase forex trader, Tyler Yell, recently explained why Bitcoin should be taken seriously.
Also read: Brexit and Bitcoin and Gold…Oh My!
Yell made the case that in times of market duress, including a period of economic collapse, Bitcoin acts like digital gold. DailyFx is the research website of Forex Capital Markets (FXCM), an online Foreign exchange market broker.
Forex Trader: Bitcoin ‘in a Similar League’ as Gold
According to Yell, bitcoin’s mining network makes all the difference. He noted:
Bitcoin’s network and maintenance is what sets it apart from fiat currencies, and places it in a similar league as precious metals such as Gold.
The Forex instructor said he believes bitcoin should be taken seriously for various reasons, but he gave two main ones. First, bitcoin itself has stood the test of time. Second,
blockchain technology has attracted the attention of big financial giants including Goldman Sachs, Citibank, JPMorgan, Barclays, and BNP Paribas. These mega banks believe that blockchain is ‘Next Big Thing’ in Financial Markets.
He admitted that some would call Bitcoin a fad like other financial innovations, such as Adjustable Rate Mortgages. However, many others will