Bitcoin Price Spikes After Trump Victory
The shock election result in the U.S. which saw Donald Trump defy all the polls and so called experts continues to send shock waves throughout the globe. With such a volatile personality set to lead the most powerful country in the world, the global markets are in a wait and see phase as volatility is the name of the game.
One such commodity that enjoys volatility is that of virtual currency Bitcoin which skyrocketed on the late news of a Trump win. The Bitcoin price rose 3% from $708 to around $738 at the time of the polls closing in the East Coast. This spike in Bitcoin according to experts is a vindication that Bitcoin is a haven in times of volatility. It was noted not that other digital currencies lkie Ethereum and Ripple who are the second and third biggest in the market were actually down 2 and 1 percent respectively.
Bitcoin transactions amounted to $27 billion in 2015 according to Juniper analysts and are expected to reach $92 billion by the end of 2016. Bitcoin is seen as a safe investment in times of massive market uncertainty and shows its strength as an investment vehicle in times of recession or major global events like Brexit.
While the spike in the Bitcoin price is noteworthy it is still a long way off the $1200 peak it reached in 2013.