Bitcoin (BTC) was fighting for $9,000 back up on May 12 as more public praise surfaced amid continued dismal conditions for the world economic system.

Cryptocurrency market place daily overview. Source: Coin360

BTC price unmoved by halving

Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD endmost in on the $9,000 marker on Tuesday, having briefly clipped it the day before.

Bitcoin 1-twenty-four hour period chart. Source: CoinMarketCap

After its third block subsidy halving completed, excitement has grown over the next price move for Bitcoin, which lost $1,200 in the run-up to the consequence at the weekend.

Palihapitiya warns on "massive deflationary spiral"

Earlier on Tuesday, the chairman of Virgin Galactic chosen Bitcoin the well-nigh "uncorrelated" nugget to fiat markets equally the U.Due south. dollar faces a "massive deflationary spiral."

Speaking to CNBC's Squawk Box, Chamath Palihapitiya did not mince his words when information technology came to the biggest cryptocurrency's superiority.

"When nosotros started to believe in the long-term value of Bitcoin, it was equally a store of value and it was that schmuck insurance that you kept under the mattress," he told the network.

CNBC referenced Mon's interview with investment giant Paul Tudor Jones, who revealed on air that he at present kept between 1% and 2% of his full assets in BTC.

"The reason is because now nosotros are in this massive deflationary screw, and you have to figure out how yous're going to protect yourself," Palihapitiya continued.

And so however y'all retrieve about it — from classic economical theory or the schmuck insurance or you're somewhat skeptical of the established government masses — it is important that we have a hedge, a non-correlated hedge. And I nonetheless struggle to find annihilation that is as uncorrelated to anything else and to everything else than Bitcoin.

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