Nigel Green, CEO of deVere Group, recently told CNBC that Bitcoin's price action in January was driven by the coronavirus epidemic and its cascading economic consequences.
Bitcoin becomes a risk-off asset
Green claimed that the BTC price would increase in tandem with the tally of confirmed cases.
"The more individual cases that are identified, the more countries around the world that are affected, and the greater the impact on traditional financial markets, the higher the price of bitcoin has jumped."
Bitcoin benefited from strong safe-haven demand that was triggered by coronavirus fears. Along with gold, Bitcoin is seen as a store of value that can protect investors from extreme turbulence in the global market.
Bitcoin is performing well in the risk-off environment in 2020. According to economist Alex Krüger, the US-Iran conflict turned out to be a game-changer for the top crypto. As reported by U.Today, BTC moved together with other macro assets when Iran attacked military bases with US soldiers.
A breakout to $15,000
On Feb. 3, BTC reached a new yearly high of $9,615 before trimming all of its recent gains. This bout of immense volatility coincided with Chinese stocks crashing by nine percent.
Kenetic Capital co-founder is certain that BTC is now seen as an alternative investment option.
He also predicted that Bitcoin could shoot up to $15,000 "by mid-2020."