The past week has not been very good for bitcoin. On Thursday, the world’s biggest cryptocurrency fell below $10,000.
Because the stock market has also fallen, some have begun to question whether bitcoin is actually the safe haven for investment that many say it is.
Higher bitcoin price in places of turmoil
Tom Lee, who is a crypto analyst at investment advisor Fundstrat, is not in doubt. He believes that the fact that the price of bitcoin often goes up in places of turmoil means that the cryptocurrency is actually a safe haven.
“You can see it in the markets. Where there’s turmoil, the local bitcoin prices tend to surge and trade at a premium (the price of bitcoin has gone up in places like Venezuela and Hong Kong, editor’s note), because people are trying to find ways to protect their money. So yes [it is a safe haven]”, he says in an interview with Fox Business.
May reach its highest price ever
In the same interview, Tom Lee predicts a bright future for bitcoin, arguing that the cryptocurrency may reach its highest price ever before 2019 ends.
Earlier this summer, Trijo News reported on an analyst who believes bitcoin is moving towards a $100,000 price tag. You can read about that here.
