2019 Is The Turning Point For Bitcoin – New Type Of Trading Is Emerging
2019 is definitely an important year for the whole crypto space.
First of all, it’s essential that back in April, the bulls have returned into the market and boosted the price of BTC.
And secondly, this year we have been witnessing enhanced crypto adoption.
There have been a lot of voices in the crypto space saying that 2019 will be the year that marks mainstream adoption of crypto and we’re definitely on the right path in order to hit this huge goal.
A new type of trading is emerging
Now, CNBC’s Brian Kelly called 2019 the year that Bitcoin managed to turn a corner in terms of its positioning in global finance.
He appeared on Fast Money and said that a new type of trading is currently emerging.
“For the first time – I’ve been on this network since 2013 talking about Bitcoin, and every time somebody has asked me whether or not Bitcoin is being traded like a macro kind of asset, I’ve said no. Until this year,” he said.
He continued and explained, “What we see this year is macro funds. Traditional investors are trading Bitcoin as an alternative or a supplement to gold, and using it as this kind of macro hedge.”
— Squawk Box (@SquawkCNBC) August 8, 2019
Kelly refuses to call BTC a safe haven since it’s “five times as volatile as the S&P 500.”
He says that “people are, to the extent that you’re using it as digital gold, people are thinking of it as that kind of ‘safe haven’.”
In other news, Head of research at Fundstrat Global Advisors said that Bitcoin had proven this year that it’s an effective hedge against global economic uncertainty.
During a new interview with CNBC’s Fast Money, Tom Lee explained the reasons for which he believes Bitcoin is on its way to new highs and proving itself to be an institutional source of investment diversification.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.