Germany's Die Welt: Bitcoin has become a barometer of distrust in the global monetary system

Holger Zschaepitz, senior editor of the financial department of the famous German newspaper Die Welt, has noticed the recent rebound in Bitcoin prices and believes that Bitcoin will become a new safe haven for the investment community.

In the article, he analyzed the different challenges currently faced by many national currencies, pointing out that although Bitcoin is still considered a risky investment, the uncertainty of fiat currency has prompted investors to turn to Bitcoin.

From Thursday to Friday night, Bitcoin broke through various regional risks and reached $900. The analyst believes that this cryptocurrency will replace gold as a new safe haven investment product.

Zschaepitz believes that the main reason is that Bitcoin is not regulated by the government and is therefore less affected by changes in national monetary policies.

Furthermore, Zschaepitz stressed that Bitcoin can also be considered a barometer of global distrust in the existing monetary system.

Zschaepitz recalled that Bitcoin has outperformed all major global currencies this year, and the main reason for its rapid price increase is the two most populous countries - China and India.

In India, the two largest denominations of banknotes have been withdrawn from circulation and ATMs are running low on new notes, while in China, Beijing is trying to stem capital outflows.

The situation of national currencies losing popularity is not only seen in developing countries, but also in developed countries, such as Italy, which is currently suffering from a banking crisis. Last Friday night, the Italian government decided to allocate a large amount of funds to prevent bank failures and to protect the funds of Italian bank depositors from the credit crisis. The total amount of non-performing loans of Italian banks has reached 36 billion euros, which is about a quarter of the country's GDP.

Holger Zschaepitz said that in the context of growing geopolitical risks, digital currencies such as Bitcoin have many advantages, the first of which is that this digital currency lacks control from central banks.