Top 3 Bitcoin News- 4th May 2020

Overview

• Bitcoin Price Skyrockets in Venezuela and other Oil Exporting Nations
• Bitcoin’s hash rate soaring very high, days before halving
• Hard Money buyers turning towards Bitcoin, says Pierre Rochard

Bitcoin Price Skyrockets in Venezuela and other Oil Exporting Nations

Hyperinflation in countries like Venezuela, Lebanon, Colombia, Argentina, and so on is causing a huge spike in Bitcoin [BTC] prices. The volume of trade w.r.t. the local currency is reaching ATH in many of these countries. The beginning of recession-driven by COVID-19 and the subsequent oil market crash is beginning to reshape the world. 

Meltem Demirors, the Chief Strategic Officer at Coinshares, noted in a recent interview, 

We have seen some of the world’s most brutal, most persistent dictatorship and tyrannical regimes have been supported by the cash flow that come from oil. She added. “Venezuela has just lost it’s only source of revenue, and that’s oil.”

Bitcoin’s hash rate soaring very high

Sources state that Bitcoin’s Hashrate has reached its all-new high. The rate that measures the cumulative computational power within the network has reached above 140 EH/s level according to Glassnode the research firm that provided the data.

 The Hashrate is exceptionally high and at a rate that has never been reached before and what is even more exciting is that the most awaited halving event of bitcoin is just a week away.

Price and Hashrate

After the heavy drop that took place on March 12 which was 44% and the second-largest to date, the smaller miners had no choice but to quit. The event of the bitcoin drop was so major that it was termed as “Black Thursday.”

Ever since bitcoin has managed to improvise and with no doubt has managed to recover its price. As recorded on April 30, BTC reached a high of $9,481, highest in that month.

Another opportunity for Miners?

One main reason why the price is seen soaring is because of the upcoming halving event. It is sure that miners are trying to stock up as many coins as possible before May 12 because the halving event that takes place every four years, roughly 210,000 blocks, decreases the mining reward by 50% and this time too it is said that the payout of miners will be brought down to 6.25 from 12.5.

Hard Money buyers turning towards Bitcoin, says Pierre Rochard

About Pierre Rochard: Mr. Rochard is a software engineer and also the co-founder of Bitcoin. He has been into research and also an advocate since 2013. He is one of the leading advisors and educationists of Bitcoin and today he explained if turning to Bitcoin(BTC) from Gold(XAU) is worthy enough or not.

With Bitcoin making up for its fall and the increase in its price and with it reaching the highest peak ever and also with the upcoming halving event, it is sure that Bitcoin does not have to justify as to why more traders should change their minds and convert their traditional gold assets into Bitcoin. 

However, the cryptocurrency now seems to have been attracting a different set of the target audience.

The crypto is now found interesting and trade worthy by ‘hard money buyers’ who are investors not being induced by the Gold (XAU) because it is not good enough for them.

The XAU or ‘Old Gold’ traders as they are known have their own speaker and legend, Peter Schiff who is typically against the coin and previously has criticised almost every aspect of it.  He also claims that any positive Bitcoin (BTC) price is not low enough.

BTC and XAU together?

Given the current crisis going on globally, with the pandemic affecting the economy everywhere, many fiat currencies have suffered loss and in this situation, many speakers expressed that in the foreseeable future, they expect XAU and BTC both to run in the long run.

From Mike Novogratz to Tuur Demeester to Robert Kiyosaki and Dan Tapiero, investors, traders, and economists suggest increasing their Bitcoin (BTC) and Gold (XAU) positions amid the stock market volatility.