Bitcoin (BTC) Is Heading Towards An All-Time High, Says Wall Street Advisor
Bitcoin (BTC) triggered a lot of excitement in the crypto space these days when it managed to surpass $11k once more.
At the moment of writing this article, BTC seems to be racing towards $12k.
There are various optimistic predictions that are flooding the cryptosphere thesedays.
Bitcoin is an effective hedge against global economic uncertainty
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.
“For the last couple of years, [Bitcoin] has been correlated to [US] dollars, so weak dollar has been good for [the cryptocurrency] and strong dollar has [led to a] weak Bitcoin. [The digital asset] has been really correlated to risk markets. This year, it’s delinked from the dollar because the dollar has been strong and Bitcoin has been up, which is a real breakage,” Lee said.
He continued and explained that “I think that makes it an authentic institutional source of diversification. I think that’s going to help it propel to new highs.”
— CNBC's Fast Money (@CNBCFastMoney) August 5, 2019
Check out the video above in order to learn more about what Lee had to say.
Apart from that, the Daily Hodl noted that US Treasury Secretary Steve Mnuchin accused China of being a “currency manipulator.”
We suggest that you head over to their original article and find out more about Mnuchin’s claims.
Other BTC positive predictions
It’s been also predicted that BTC will be hitting $17k by the end of this month.
Joe McCann showed a chart on BTC’s price, which shows that the most important coin in the crypto market can hit $17k by the end of August 2019.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.