A lot of people have argued about Bitcoin and its capacity to act as a safe haven. It is an argument that is significantly dividing the populace. While some are seriously in favour of this motion, others are greatly against it. This post will sample the opinion of a well-known voice in the industry that believes that Bitcoin is a safe haven.
Read more: Us interest rate cuts to benefit Bitcoin.
Thomas Lee, who is the co-founder of Fundstrat Global Advisors, has called Bitcoin (BTC) a “safe haven” for investors. He also went ahead to predicts a new all-time high (ATH) for bitcoin during an interview with Fox Business on August 15.
During the interview, Thomas Lee was asked if Bitcoin is a real safe haven. The former Wall Street strategist responded with an affirmative and robust Yes. Below is His exact words:
“Yes. You can see it in the markets. Where there is unrest, the local bitcoin prices rise and trade at a premium, because people try to find ways to protect their money. So yes.”
Thomas Lee also added that bitcoin shows no correlation with the stock and bond market and that it is, therefore, a good idea to diversify your portfolio with bitcoin.
Furthermore, He made it known that Bitcoin (BTC) is doing very well this year since the price was around $ 3,000 last December and has since risen to $ 10,000. It even went up to $ 12,000 at some point. Thomas Lee was confident that the price of bitcoin can still make big leaps by the end of 2019. Below is His exact words:
“I think the Bitcoin (BTC) price will be much higher by the end of the year, and possibly reach a new high. If you want to assign a 1% or 2% to bitcoin as a cover against all kinds of things that can go wrong, it’s a smart bet.”
Read More: Bitcoin Circulation Hits a staggering 85 percent
In similar news, Mark Yusko, who is the CEO of Morgan Creek Capital Management, also said during an interview with CNBC’s Fast Money that bitcoin is a safe haven for investors.
Yusko says that people who regularly watch the daily price movements of bitcoin miss the point. According to Yusko, the whole idea behind bitcoin is that it is a store of value. One has to look at the long term; each year, the lowest point of the price is higher than the year before.
Yusko also advises people to invest between one to five percent of their net worth in bitcoin as protection against all problems in the fiat and stock markets. He believes that most stocks and bonds are overvalued.
We would like to hear from you, do you believe that Bitcoin is a safe haven?
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