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Mounting economic uncertainty around the world is creating a perfect storm for Bitcoin, according to crypto research firm Delphi Digital.

In a summary of its new quarterly macro outlook, Delphi Digital says trouble in traditional markets is boosting the price of Bitcoin in 2019. The summary cites a long list of macro issues creating a tailwind for BTC, including trade wars, slowing global growth, negative-yielding debt and new stimulus measures.

“It’s easy to see how people get lost in the mayhem of markets when these are just some of the notable trends investors face today. Amid the chaos, the second quarter of 2019 was marked by a few key narrative shifts with significant implications for both traditional markets and crypto going forward.

A key reason behind Bitcoin’s outperformance in recent months is the strengthening narrative around its value proposition as ‘digital gold.’ The macro backdrop that’s emerging is the perfect storm for Bitcoin to thrive as it has the potential to benefit from both secular and cyclical trends in the coming years.”

Delphi Digital says the myriad of macro issues governments around the world are confronting isn’t a sign that markets are doomed. But researchers say these factors are giving investors a strong incentive to seek alternative forms of investment, which have the potential to outperform the market in times of slow economic growth.

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“There are only a handful of assets that largely sit outside the purview of any single government, so the demand for such non-sovereign assets could be even greater in the decades to come depending on how the effects of unconventional monetary policy shake out…

Longer-term, we are strong proponents of the ‘digital gold’ narrative for bitcoin that continues to gain relevance amid extreme monetary policies and rising geopolitical tensions. However, the relative size of bitcoin’s market value compared to the investible gold market, for example, also makes it a tempting opportunity for investors starving for assets with above-average growth potential.”

You can check out the full summary here.