Bitcoin could be a good hideout if trade tensions persist, admits skeptic

07 Jun, 2019
by Richard Allen
Bitcoin could be a good hideout if trade tensions persist, admits skeptic

TradingviewChief investment officer of Bleakly Advisory Group, Peter Boockvar has suggested that Bitcoin may a good place to hide for investors.

During an interview with CNBC’s Futures Now, Boockvar states that over the last few weeks, there's been a sharp rise in the price of Bitcoin which indicates that investors are growing worried about the trade war between the US and China, as well as the Federal Reserve’s potential rate cut.

“I watch Bitcoin as an indicator, not because I want to own it because I’d rather own gold as an alternative currency,” Boockvar said. “Over the last couple of weeks, we’ve seen this sharp rise in Bitcoin and to me, that was saying something in terms of what markets were thinking about what the Fed was going to do and the turmoil created by the threatened tariffs.”

Boockvar goes on to say how gold has rallied to its highest levels in over a year very soon after Bitcoin began its price rally. Boockvar was then asked if he would recommend clients buy Bitcoin, gold, or the dollar.

“I don’t recommend Bitcoin in either direction because I don’t care for it in terms of an asset, but I do care for it as a signaling mechanism that I think was a tip-off to this bounce in gold,” he said.

BTC/USD chart provided by Tradingview

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