Tim Shaler, Economist-in-Residence at iTrustCapital, thinks cryptos serve as a preservation of wealth, according to an exclusive interview held with FXStreet.
“We have a working hypothesis that Bitcoin and other digital currencies do still have as their primary use-case the preservation of wealth. However, we believe the dominant users of digital currencies as a store of wealth are now in countries with tight capital controls such as China, Iran, and Venezuela.”
“Now that oil is less than $30 per barrel, there may be heightened geopolitical risk stemming from oil producers less able to sustain social spending. We are specifically concerned about Venezuela, Russia, and Iran. If geopolitical risks rise, we believe we may see new buyers come into the digital currency markets.”
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