Cryptocurrency Suffers Amidst CoronaVirus

Cryptocurrency has been one of the stocks at the receiving end of the ongoing worldwide CoronaVirus outbreak. For the first time this year, we saw Bitcoin go below four thousand dollars. A lot of people got scared because Bitcoin was seen as a safe haven in cases like this.

Recall that aI made a post last year where Thomas lee said that Bitcoin was a safe Haven. “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.”

He had also predicted that Bitcoin will go higher. 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.” ”