The well-known senior analyst and bitcoin bull, Tom Lee is once again showing his confidence in the leading cryptocurrency in that it could be a genuine safe haven for investors.
Lee was asked about whether Bitcoin could be a legitimate safe haven for investors when he took part in an interview for the Fox Business channel on Thursday where he said:
“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.”
Performance of BTC
Lee went onto say that Bitcoin has performed very well this year and its no surprise considering that in December 2018, the flagship currency was priced around the $3.5k mark whereas today, we are hitting the $10k range.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
The Fundstrat businessman went onto highlight that Bitcoin is “really uncorrelated to equities, to bonds, so it’s a good diversification hedge.”
Bitcoin is just ‘resting’ according to Lee and can show a significant rise in its price by the end of 2019. Lee goes onto note:
“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.”
In terms of price, the leading cryptocurrency is currently priced at $10,066 following a 0.34 percent increase over the past 24 hours. These past two days have been very volatile for bitcoin too as on Thursday, most of the market was bleeding in the red and it seemed that the bull market had had its day, but now everything has changed.