Fundstrat market analyst Tom Lee is confident that Bitcoin is a genuine safe haven for investors, predicts potential new all-time high by the end of 2019.
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.”
Bitcoin is a good diversification hedge
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.”
Crypto community hopes for the better
Previously, Cointelegraph published a report about the three main reasons reasons Bitcoin is turning into a global safe haven for investors.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.