BMO Capital Investment Manager: “Too Soon to Call Bitcoin (BTC) a Safe Haven Asset”

    Chief investment strategist at BMO Capital Markets, Brian Belski, brushes off Bitcoin (BTC) calls to be a safe haven asset claiming the cryptocurrency is too volatile.

    Despite the massive growth in BTC’s value in the past six months or so, Belski doesn’t buy into the asset being a safe haven asset. He references the high volatility experienced in BTC’s market in the past few years as a key factor why the asset is yet to be considered as a long term investment.

    The longtime stocks favorite, threw shade on BTC as a safe haven asset in an interview with CNN Market Now show, claiming the asset only offers a “sexual appeal” to its current investors. He said,

    “Bitcoin has been excessively volatile, especially the last couple of years. It’s the sexy kind of thing to go to now. I don’t base my investments on sex appeal.”

    The chief investment strategist at BMO Capital further claims the asset has not matured enough for investors to claim it as a long term asset. Bitcoin, in the short decade of its life, however grew to $20,000 USD in 2017 and despite the crypto winter in 2018, the coin trades above $11,800 USD.

    “I base my investment on longer-term perspective. And I think the longer-term perspective, in terms of Bitcoin being that safe haven, I think it’s way too soon to call that.” – Brian Belski, BMO Capital

    Bitcoin continues to outperform most of the crypto assets on the charts, with a 1.88% increase in the past 24 hours amidst a sea of red. The pioneer cryptocurrency trades at $11,830 USD across major exchanges, representing over 200% increase since the start of the year. The S&P 500 index on the other hand year to date return stands at 15.4%.

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    Lujan Odera
    Lujan Odera
    Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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