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Fundstrat market analyst Tom Lee is confident that Bitcoin is a genuine safe haven for investors, predicts potential new all-time high by the end of 2019.
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 âwhether Bitcoin is a genuine safe havenâ during an interview on the Fox Business channel on Aug. 15, Lee confirmed his position:
âYes. You can see it in markets. Where thereâs 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.â
Bitcoin is a good diversification hedge
Lee also added that Bitcoin has âdone very well this year,â reminding the audience that last December its price hovered around $3,000, and since then rose to the $10,000â12,000 levels. The Fundstrat analyst also noted that Bitcoin is âreally uncorrelated to equities, to bonds, so itâs a good diversification hedge.â
According to Lee, currently Bitcoin âis just restingâ, and can show a significant rise in its price by the end of 2019. The analyst added:
âI think itâs 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 â itâs a smart bet.â
Crypto community hopes for the better
Previously, Cointelegraph published a report about the three main reasons reasons Bitcoin is turning into a global safe haven for investors.
Ether (ETH) is also most likely to trade above $1,000 again in the future, according to the global cryptocurrency Twitter community.
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