Despite its ups and downs, the crypto market endures and continues to attract investors, even in the current environment. — Bruno Michieli, a prominent business executive active in the technology and private equity industries, comments, “The uncertainty and panic created by the pandemic have had a huge impact on all trading activities, resulting in record drops for some of the world’s major indices, including the Dow Jones Industrial Average. On March 12, 2020, Bitcoin registered its steepest price drop in seven years, reflecting the broader plunge in the stock market, which experienced one of the worst sell-offs in its history. While the massive stimulus packages announced by governments around the world have had a calming effect, there is a general sense that an economic recovery will be slow in coming. Against this background of uncertainty and unprecedented state intervention, attitudes to cryptocurrency appear to be changing, with some seeing the pandemic as a turning point in the history of digital coins.”
To contain the crisis and support their economies, the governments of the world’s major economies have been introducing measures with potentially long-lasting effects, says Bruno Michieli. A prime example is the United States, where the Federal Reserve promised in March yet unseen levels of money printing as well as "quantitative easing to infinity" via an unlimited bond purchase program, all of this on top of a record $2 trillion emergency relief package. While these moves have helped markets recoup some losses, a Cointelegraph article refers to them as “an interventionist monetary policy reminiscent of the 2008 environment that led to the release of the Bitcoin whitepaper by its anonymous founder.” The pandemic is “an opportune moment” for the cryptocurrency industry, which has come a long way since the launch of Bitcoin over a decade ago, the author says, adding that “We may be witnessing a fundamental shift in legacy market sentiment — specifically, the cozy relationship between the government and corporations.” He notes further, “As a whole, the crypto industry is markedly different than when mainstream investors flocked to the initial coin offering mania of 2017. User interface and experience have drastically improved, liquidity is much better, analytics has progressed substantially, derivatives are booming, and the mining sector is industrializing.”
In March, some of the biggest cryptocurrency exchanges reported an increase in the number of new users and growth in trading volumes, according to Decrypt. Pierre Rochard, Bitcoin strategist at Kraken, told the publication this uptick in sign-ups could be an indication that “individuals feel an urgent need to get out of the centralized financial system.” It would appear that the economic and monetary turmoil triggered by the pandemic is once again turning the spotlight on cryptocurrencies, Bruno Michieli notes. Nigel Green, CEO of financial consultancy deVere, told Forbes, “In this time of economic turbulence, the growing consensus that Bitcoin is becoming a flight-to-safety asset has further strengthened.” Also speaking to Forbes, eToro's Guy Hirsch said, “People are coming to us to invest in crypto-assets, so we are still very bullish on its long-term potential. There is a growing consensus that due to the Fed announcing unlimited quantitative easing, investors could soon be looking to Bitcoin as an inflation hedge against a depreciating dollar."
Bruno Michieli has been perfecting his business executive skills through more than two decades, proving his talent to identify and realize profitable investment opportunities and implement operational improvement initiatives. Holding an MSc in global finance from New York University’s Leonard N. Stern School of Business, he has built an impressive track record in the technology and private equity industries, demonstrating his ability to deliver excellent outcomes in areas such as digital strategy, business planning, e-commerce, and entrepreneurship. Since 2006, Bruno Michieli has served as the CEO of Openlot Ventures (Asia) Pte Ltd – a private equity outfit focused on the leisure and gaming technology sector in Singapore and Hong Kong.
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