Anatoly Knyazev: the theory of bitcoin as a protective asset did not materialize

After the events of March 13, when the price of Bitcoin lost more than 50% of its value in a short period, the cryptocurrency did notwill soon justify the status of a protective asset. This was stated by Exante CEO Anatoly Knyazev during the ForkLog online conference Digital Medieval.

«When Bitcoin first appeared, it was expectedthat it would be a global payment system, then it became clear that it was worth treating it as a defensive asset. After March 13, the beautiful story was not confirmed. After such movements, it is very difficult to convince the investor that this is a protective asset that will cost more than $100,000.- said the speaker.

BitCluster founder Vitaliy Borschenko notedthat bitcoin went down faster than stock markets. However, the head of the direction of the distributed accounting systems of the National Settlement Depository, Alexander Yakovlev, indicated that panic patterns could not be analyzed:

«Proof that Bitcoin is a defensive asset may be the fact that its price has recovered faster to a level higher than the previous one».

In turn, the representative of Binance in the Russian Federation Gleb Kostarev said that bitcoin cannot act as a full-fledged analogue of the dollar, but this phenomenon is temporary:

«I believe that Bitcoin is just such an asset,which can compete with gold, and over the next few years we will get there. Perhaps cryptocurrencies from tech giants are the next altcoins to be in demand.

Check out the Digital Medieval Online Conference here.