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.” Read More at CoinTelegraph...