CNBC Sees Bitcoin Bullish Rally Continuation, Calls It One Of The Few Hideouts Amidst Increasingly Volatile Stock Market


CNBC Sees Bitcoin Bullish Rally Continuation, Calls It One Of The Few Hideouts Amidst Increasingly Volatile Stock Market

  • Bitcoin is one of the few hideouts for investors these days, says investment analyst
  • Hedge funds are back into buying Bitcoin with the transactions and adoption speeds up

    Speaking to CNBC, Chief Investment Officer of Bleakley Advisory Group, Peter Boockvar says the increasingly volatile stock market provides a few hideouts, one of which is Bitcoin.

While expressing his stance towards the world’s top cryptocurrency, Boockvar said,

“I watch Bitcoin as a signal, as an indicator, not because I want to own it, because I’d rather own gold as an alternative currency.”

Gold Or Bitcoin: Which Will Win The Tariff War

“Over the last couple of weeks we’ve seen this short rise in Bitcoin and to me that was saying something in terms of what the market was thinking, what the Fed gonna do, the turmoil created by the trade tariffs,” Boockvar continued with his opinion of Bitcoin as an indicator or a signal.

The trade war between US and China is not looking to come at a conclusion anytime soon rather China has out rightly said that they won’t back down and would rather face this spat head on. As we reported Trump has now extended this war to Mexico as well.

Amidst this, investors need an asset that can play a hedge and for Boockvar, it is the metals as he recommends to buy gold and silver aggressively for the second half of the year if trade tension persists and Fed goes with interest rate cuts.

Gold is enjoying a good rally since it all started and even after the speculation that the Fed will cut down the rate, gold price edged higher nearing three-month high.

He further explains that he doesn’t see Bitcoin as an asset that could bounce gold rather as a signaling mechanism and that it is still in its infancy,

“I don’t recommend Bitcoin either up or down. I don’t really care for it in terms of an asset. I do care for it as a signaling mechanism…I don’t know to be honest. It’s still in its infancy.”

“Can Bitcoin be a safe haven as much as gold? I don’t know yet since it’s lack of history,” concluded Boockvar.

Bitcoin’s 2019 Rally To Continue

Nonetheless, CNBC’s Futures now Traders, Anthony Grisanti says the growing network and adoption of the flagship cryptocurrency indicates that it has more chance of going up.

“I am taking the modern currency versus the medieval currency. The transactions have speeded up, also the number of transactions has speeded up… Wider implementation of Bitcoin. Hedge funds are back in to buying this thing,” said Grisanti.

“Bitcoin is not related to the US dollar. The dollar can make its move and Bitcoin can make its move; separate of the dollar.”

Per his analysis, a buy order at $7,800 is looking to target $9,100, however, stop loss must be placed near $7,100 level.

CNBC being bullish on Bitcoin is bad for its price as CNBC’s bitcoin calls works as a contra-indicator. Currently, BTC/USD is trading at $7,798 with 24-hours loss of 1.28 percent, having recovered from yesterday’s drop below $7,400.

Bitcoin (BTC) Live Price

1 BTC/USD =$44,699.6565 change ~ -11.44%

Coin Market Cap

$832.35 Billion

24 Hour Volume

$22.96 Billion

24 Hour VWAP

$48.88 K

24 Hour Change

$-5,112.68

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