(NEW YORK)–Riot Blockchain, Inc. (NASDAQ: RIOT) in play as Bitcoin (BTC) makes a run towards $10,000 on possible hedge on inflation, and low US Treasury bond rates.
After Bitcoin halving event many are on watch for Bitcoin (BTC) to make its run towards $10,000, and that could make RIOT a perfect way to play this upcoming event.
But, more then that, RIOT may offer way to play $BTC longer-term as the cryptocurrency may become an alternative investment to Gold for post-coronavirus inflation.
Bitcoin $10,000 Event
As Bitcoin makes it’s run to $10,000+ look for traders to rush into RIOT to ride potential push to $2.50, if not higher.
RIOT as Hedge on Inflation
We feel along with gold we could see BTC become an alternative hedge on both inflation and put on any downside market volatility as US Treasuries offer little to no return for investors seeking places to park money to weather a storm. This could put higher demand on assets like gold, and Bitcoin, which could present RIOT as a hedge on both market downside and growing inflation.
Low US Treasury Bond Yields
With US bonds hinting at possible negative interest rates some investors are now seeking alternative safe havens like gold and bitcoin to seek return on their savings.
With US Treasuries yielding around 0.61% we may be starting to see more investors move into bitcoin as an alternative asset in their portfolio, which could set the stage for a possible mega spike in BTC price as economic conditions continue to remain uncertain.
In short-term look for RIOT to make run to $2.00-2.50+ as Bitcoin approaches $10,000. The chart has broken above its key 200-day moving average resistance.
Longer-term Bitcoin could be one of the hottest plays this summer as inflationary pressure builds after so much liquidity has been pumped into financial markets that $BTC could see a potential run to $15,000+, which could push RIOT up to $4.00 to even $5.00+ per share in coming weeks.
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About Riot Blockchain
Riot Blockchain (NASDAQ: RIOT) specializes in cryptocurrency mining with a focus on bitcoin. Riot also holds non-controlling investments in blockchain technology companies. Riot is headquartered in Castle Rock, Colorado, and the Company’s primary mining facility is located in Oklahoma City, Oklahoma. For more information, visit www.RiotBlockchain.com
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