Senior analyst at market strategy and sector research company Fundstrat Global Advisors Tom Lee is confident that Bitcoin (BTC) became a genuine safe haven for investors.
When asked directly “whether Bitcoin is a genuine safe haven” during an interview on the Fox Business channel on Aug. 15, Lee confirmed his position:
“Yes. You can see it in markets. Where there’s turmoil, the local Bitcoin prices tend to surge and trade at a premium, because people are trying to find ways to protect their money. So yes.”
Lee also added that Bitcoin has “done very well this year,” reminding the audience that last December its price hovered around $3,000, and since then rose to the $10,000–12,000 levels. The Fundstrat analyst also noted that Bitcoin is “really uncorrelated to equities, to bonds, so it’s a good diversification hedge.”
According to Lee, currently Bitcoin “is just resting”, and can show a significant rise in its price by the end of 2019. The analyst added:
“I think it’s going to be much higher by the end of the year, and potentially at a new all-time high. I think anyone who wants to have a 2% or 1% allocation to Bitcoin as a hedge against a lot of things that could go wrong — it’s a smart bet.”
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