Senior analyst at market technique and sector analysis firm Fundstrat International Advisors Tom Lee is assured that Bitcoin (BTC) grew to become a real protected haven for traders.
When requested immediately “whether or not Bitcoin is a real protected haven” throughout an interview on the Fox Enterprise channel on Aug. 15, Lee confirmed his place:
“Sure. You may see it in markets. The place there’s turmoil, the native Bitcoin costs are inclined to surge and commerce at a premium, as a result of persons are looking for methods to guard their cash. So sure.”
Bitcoin is an effective diversification hedge
Lee additionally added that Bitcoin has “completed very properly this 12 months,” reminding the viewers that final December its value hovered round $three,000, and since then rose to the $10,000–12,000 ranges. The Fundstrat analyst additionally famous that Bitcoin is “actually uncorrelated to equities, to bonds, so it’s an excellent diversification hedge.”
In line with Lee, presently Bitcoin “is simply resting”, and may present a major rise in its value by the top of 2019. The analyst added:
“I feel it’s going to be a lot greater by the top of the 12 months, and doubtlessly at a brand new all-time excessive. I feel anybody who desires to have a 2% or 1% allocation to Bitcoin as a hedge in opposition to loads of issues that would go mistaken — it’s a wise wager.”
Crypto group hopes for the higher
Beforehand, Cointelegraph printed a report concerning the three primary causes causes Bitcoin is popping into a worldwide protected haven for traders.
Ether (ETH) can also be most certainly to commerce above $1,000 once more sooner or later, in accordance with the worldwide cryptocurrency Twitter group.