0
📰 News
365 views

‘Bitcoin Is Proving Itself to Be a Hedge Against Global Risks’: Fundstrat’s Tom Lee

  • Alex Dovbnya
    📰 News

    After the US stock market suffered its worst day in 2019, Tom Lee remains as bullish as ever on Bitcoin

‘Bitcoin Is Proving Itself to Be a Hedge Against Global Risks’: Fundstrat’s Tom Lee
Cover image via www.fundstrat.com
Contents

While some analysts are already paining doom-laden scenarios for the global economy, Fundstrat’s Tom Lee doesn’t necessarily believe that a full-fledged currency war between the US and China is going to happen.

However, the Bitcoin bull still stands by his earlier prediction that the top cryptocurrency by market capitalization is going on a moon mission this year.

👉MUST READ

Trump Tweets, Bitcoin Rallies: Here’s Why US-China Trade War Is Good for Top Cryptocurrency 

Trump Tweets, Bitcoin Rallies: Here’s Why US-China Trade War Is Good for Top Cryptocurrency 

A source of diversification

During his recent appearance on CNBC’s Fast Money, he pointed out that Bitcoin no longer moves in tandem with the US dollar. Just like gold, it is inversely correlated to the global equity markets, which makes it a viable hedge asset.

So I think Bitcoin is proving itself this year to be a hedge against global risks. I think that makes an authentic institutional source of diversification, says Lee.

As reported by U.Today, Bitcoin’s most recent price surge came on the heels of the US imposing a new batch of tariffs on $300 bln worth of Chinese goods.

Beyond macrohedging

Apart from the hedge asset narrative, Lee attributed the end of the prolonging crypto winter to the current Bitcoin rally. There is a lot of technological development happening in the crypto space.

The prescient bull also claims that there are more fiat-to-crypto on-ramps in development, which is also fueling the rally.   

Hence, Lee stands by his earlier prediction that Bitcoin will hit a brand-new high this year.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
0
📰 News
163 views

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

👉MUST READ

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings