Bitcoin bull Thomas Lee will not be in the least spooked that buyers did not flock to bitcoin whereas the inventory market signaled a recession. | Supply: YouTube/Upfront VenturesBy CCN Markets: A debate has been raging about whether or not or not bitcoin needs to be deemed a safe-haven asset. In any case, the main cryptocurrency certain wasn’t behaving like one and buyers certain weren’t doing a flight to security in crypto whereas the fairness markets have been getting hammered this week. Even now, bitcoin is quietly holding onto $10,000 however not earlier than having dipped under that key stage in latest days.Bitcoin bull and Fundstrat Co-Founder Thomas Lee will not be in the least spooked that buyers did not flock to bitcoin whereas the inventory market – rightfully or wrongfully – signaled a recession. Lee instructed Fox Enterprise that bitcoin, actually, is a safe-haven asset, pointing to the premium worth paid for the main cryptocurrency in “markets which are in turmoil.” Certainly, a Bloomberg report lately revealed that the bitcoin worth was fetching premiums of 10 % and four % in Argentina and Hong Kong, respectively.Hello @joanaGodinho it was nice talking with Stuart @Varneyco at this time on bitcoin, which we see as a macro hedge, and why we need to purchase shares right here, particularly given panic over inverted curves… #BTD#BTFD#invertedcurves https://t.co/eEp2qmCYc6— Thomas Lee (@fundstrat) August 15, 2019Defenders of bitcoin as a secure haven make the argument that you’ve have a look at the longer-term image moderately than the day-to-day motion within the worth. Fundstrat’s Lee, for instance, notes that BTC has greater than tripled since year-end 2018. Its uncorrelation to shares and bonds makes it an excellent “diversification hedge.” Lee can also be the one to lately remind us that BTC $10,000 is the FOMO stage, however institutional buyers seemingly have but to return off of the sidelines.Nonetheless, one thing about together with “secure haven” and “bitcoin” in the identical sentence appears off, given the unpredictable if not defiant nature wherein the main cryptocurrency trades. 2018 is not too far within the rearview mirror, in spite of everything. In addition to, why else would crypto asset managers advise such a small allocation to BTC vs. different asset courses? A uncommon alternative – positively. However secure is a bit more durable to swallow. This classic 1999 Jeff Bezos/Amazon.com video that has gone viral on Reddit reminds us of the nascent days of the web which are corresponding to the place crypto is at this time.Bitcoin to the MoonFundstrat’s Lee will not be out of the bitcoin worth prediction enterprise. After final 12 months’s bullish name for BTC $25,000 did not work out, Lee backed off from making worth forecasts for some time. With the wind seemingly at its again, bitcoin may make a powerful end in 2019 just like its document show in 2017, and Lee does not need to miss out. He tells Fox Enterprise host Stuart Varney:”I feel it should be a lot larger by the top of the 12 months and doubtlessly at new all-time highs. I feel anybody who desires to have a 2 % or 1 % allocation to bitcoin as a hedge towards a variety of issues that might go unsuitable it is a sensible wager.”BTC Is not DeadSo why hasn’t bitcoin risen to the event whereas equities are gasping for air? Lee steered that the flagship cryptocurrency has been “resting,” which Fox Enterprise host Stuart Varney discovered amusing and in comparison with the useless parrot Monty Python sketch.In contrast to the parrot, Lee famous, bitcoin is not useless.This text is protected by copyright legal guidelines and is owned by CCN Markets.