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 straight “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 likely to surge and commerce at a premium, as a result of individuals are looking for methods to guard their cash. So sure.”
Bitcoin is an effective diversification hedge
Lee additionally added that Bitcoin has “achieved very nicely this 12 months,” reminding the viewers that final December its worth hovered round $3,000, 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 a superb diversification hedge.”
In keeping with Lee, at the moment Bitcoin “is simply resting”, and might present a big rise in its worth by the tip of 2019. The analyst added:
“I believe it’s going to be a lot increased by the tip of the 12 months, and probably at a brand new all-time excessive. I believe anybody who desires to have a 2% or 1% allocation to Bitcoin as a hedge towards a variety of issues that might go improper — it’s a sensible wager.”
Crypto group hopes for the higher
Beforehand, Cointelegraph printed a report concerning the three main reasons reasons Bitcoin is popping into a world protected haven for traders.