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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read

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Bitcoin’s narrative is ever-changing. It started out with more of a focus on its use as a payment currency, or “peer-to-peer electronic cash system,” then the focus shifted to “store of value” once more investors began thinking long-term with cryptocurrency.

The latest twist to the Bitcoin narrative has turned it toward a safe haven asset in the face of growing economic turmoil, and even CEO of Circle Jeremy Allaire agrees that Bitcoin is a “very attractive asset in that context.”

Global Economic Turmoil Changing the Narrative Around Crypto

Bitcoin started out itself life as a “peer-to-peer electronic cash system,” or in other words, a way to transfer value across the internet without the need for a third-party to keep the network safe, or secure.

Later, the narrative surrounding the first-ever cryptocurrency turned to the “store of value” due to the “HODL” effect, or a phenomenon where a large number of investors holding BTC for the long-term, store value in the asset due to the belief that this value will grow in the future.

The two narratives combined – the decentralized or “non-sovereign” transactional and transferability aspects, along with the store of value narrative – have resulted in a new narrative forming: Bitcoin as a safe haven asset.

Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset

Much like Bitcoin as designed to be a system for transferring value, and a way to store value, additional unique attributes were hard-coded into its network to solve other problems Bitcoin’s creator Satoshi Nakamoto saw in current fiat-based monetary systems.

The biggest issue Satoshi set out to solve was the ongoing inflation in fiat currencies at the hands of governments being irresponsible with decisions governing other people’s money. Bitcoin is hard-capped at 21 million BTC and features a unique system called a “halving” that further reduces the supply of bitcoins trickling back into the market. This ensures as Bitcoin’s network grows, so does its value, and more BTC can never be issued.

All of this combined has also made Bitcoin a safe haven asset, even despite its notorious volatility and ability to wipe out as much as 90% of its gains from a previous rally.  Through it all, Bitcoin has proven it cannot be stopped, cannot be controlled, and given the fact, only 3 or 4 months buying BTC has ever led to long-term losses, its store of value narrative has been repeatedly been proven.

Circle CEO Believes in Bitcoin as a Safe Haven Asset

As CEO of the Goldman Sachs-backed Circle Jeremy Allaire points out, “humanity has now created a non-sovereign, highly secure mechanism to store value that can exist anywhere that the internet exists.”

"Humanity has now created a non sovereign, highly secure mechanism to store value that can exist anywhere that the internet exists," says @jerallaire on #btc surge amid #TradeWar pic.twitter.com/Lhguui8arb

— Squawk Box (@SquawkCNBC) August 5, 2019

The CEO says that while looking at the risk associated with assets, the fact Bitcoin is uncensorable and unseizable makes it among the most “attractive” safe haven assets when considering overall global economic risk. Allaire made the comments while speaking on CNBC’s Squawk Box in a recent segment. Since the recent Facebook Libra controversy, crypto has been a common theme across the show.

The safe-haven discussion in recent weeks has heated up significantly, with both BTC and gold rallying and a strong performance by the Swiss franc and Japanese yen in the face of growing economic concerns

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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