”
In an episode of CNBC’s Future Now ‘Search for Safety’ earlier this week, the reporter highlighted that Peter Boockvar (Chief Investment Officer at Bleakley Advisor Group) is a believer that Bitcoin is currently in a decent place for investors to start hiding. On the other hand, Boockvar said that the leading cryptocurrency is a good signal indicator as to what might happen in the gold market despite rather wanting to encourage clients to invest in gold.
Hiding away
The reporter asked Boockvar why he thinks that Bitcoin is in such a good place for investors to hide away. In response, Boockvar stated that he watches Bitcoin as a signal but not because he wants to own it as he claims he’d rather own gold as an alternative currency.
He adds:
“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, the turmoil created by the threatened tariffs.”
The Chief Investment Officer went on to highlight that by keeping an eye on Bitcoin’s quick rise over the past few weeks has given him an impression of what the market is thinking.
Client Investment
The reporter also asked Boockvar is he would advise clients to invest as we get closer to the second quarter of the year and whether the tension in trading continues. Boockvar solidified his point saying that he would rather buy gold and silver aggressively whereas he can’t bring himself to recommend the purchase of Bitcoin .
In fact, he said:
“I don’t recommend bitcoin in either direction because I don’t really care for it in terms of an asset, but I do care for it as a signalling mechanism that I think was a tip-off to this bounce in gold.”
To end, Peter asked himself “can Bitcoin be a safe haven just as much as Gold?” with his answer simply being “I don’t know yet”
Visualizza articolo… <cryptodaily.co.uk/2019/06/analyst-i-dont-recommend-bitcoin-in-either-direction>
