Tom Lee: BTC Is Genuine Safe Haven, Potential New All-Time High by End of 2019
Liam Frost's original article for cointelegraph.com reduced by 57%
Senior analyst at market strategy and sector research company Fundstrat Global Advisors Tom Lee is confident that Bitcoin became a genuine safe haven for investors. "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.
"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." Previously, Cointelegraph published a report about the three main reasons reasons Bitcoin is turning into a global safe haven for investors.
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CN [too long; didn’t read]
Summarised crypto news.