CNBC’s Jim Iuorio Acknowledges Bitcoin as Uncorrelated Hedge, Debates $10K USD as New Bottom
- Since the start of the year, a number of mainstream media reporters have changed their opinion regarding BTC and are now bullish on the flagship crypto asset.
- In this regard, a prominent economist and professor at George Mason University, Tyler Cowen, recently wrote an article called ‘Bitcoin is (Probably) Here to Stay'.
Since its entry into the market nearly a decade back, Bitcoin has transformed the global economic landscape in a big way. This is partly due to the fact that the currency was created by a pseudonymous individual who ensured that its ecosystem would (at all times) be free from the interference of any government body, finance system, or another centralized unit.
With that being said, despite the alt-asset’s amazing potential, the mainstream media at large has continued to bash not only Bitcoin but the crypto industry at large — calling the entire sector a massive Ponzi scheme.
However, over the past few months, as growing macroeconomic uncertainty continues to surround the United States, a number of economists have started to consider Bitcoin as being a potential hedge option.
For example, during a recent episode of CNBC ‘Fast Money’, Jim Iuorio was quoted as saying that he was finally ‘warming up to Bitcoin’ and that the crypto asset was indeed a hedge/safe haven against traditional fiat currencies. Not only that, but Iuorio also stated that if BTC were to scale past the $10,850 mark, he would most likely buy the asset.
Similarly, prominent financial analyst/pundit ‘Tyler Cowen’ too believes that there currently exist a number of reasons that will most likely help spur the adoption of BTC as we move into the future. Some of these factors include:
- Escalating geopolitical tensions between China and the United States.
- The launch of Facebook’s upcoming stablecoin offering — ‘Libra’
- The emergence of visible left-leaning political trends within the US.
- Hostile macroeconomic climate that is currently fostering in the western world.