Bitcoin bull Thomas Lee is not the least bit spooked that investors didn’t flock to bitcoin while the stock market signaled a recession. | Source: YouTube/Upfront Ventures
By CCN Markets: A debate has been raging about whether or not bitcoin should be deemed a safe-haven asset. After all, the leading cryptocurrency sure wasn’t behaving like one and investors sure weren’t doing a flight to safety in crypto while the equity markets were getting hammered this week. Even now, bitcoin is quietly holding onto $10,000 but not before having dipped below that key level in recent days.
Bitcoin bull and Fundstrat Co-Founder Thomas Lee is not the least bit spooked that investors didn’t flock to bitcoin while the stock market – rightfully or wrongfully – signaled a recession. Lee told Fox Business that bitcoin, in fact, is a safe-haven asset, pointing to the premium price paid for the leading cryptocurrency in “markets that are in turmoil.” Indeed, a Bloomberg report recently revealed that the bitcoin price was fetching premiums of 10 percent and 4 percent in Argentina and Hong Kong, respectively.
Hi @joanaGodinho it was great speaking with Stuart @Varneyco today on bitcoin, which we see as a macro hedge, and why we want to buy stocks here, especially given panic over inverted curves… #BTD#BTFD#invertedcurves https://t.co/eEp2qmCYc6
— Thomas Lee (@fundstrat) August 15, 2019
Defenders of bitcoin as a safe haven make the argument that you have look at the longer-term picture rather than the day-to-day action in the price. Fundstrat’s Lee, for example, notes that BTC has more than tripled since year-end 2018.