Bitcoin prices rise as U.S and China trade war continues, Barry Silbert claims

Carol Gaszcz
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As the U.S. and China trade war continues and the talks have broken down, bitcoin prices go up, Fortune writes. According to CEO and founder of Digital Currency Group Barry Silbert, there might be a correlation between times of economic uncertainty and rising bitcoin prices. He describes bitcoin as a “non-correlated asset.”   

“It’s certainly interesting that the [Bitcoin] price started its acceleration, moving up and to the right, when the trade discussions broke down,” Silbert said.

In this case, bitcoin acted differently than traditional securities, which were affected negatively by the trade talks. 

He also pointed to bitcoin prices going up in other times of crisis. “If you look at over the past five years—when ‘Brexit,’ happened, Bitcoin went up. When ‘Grexit’ happened, Bitcoin went up,” he said.

However, he said this might not always be the case, saying there are "plenty of examples" when times of international uncertainty correlated with bitcoin prices going down. The cryptocurrency, after all, remains volatile.