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Fundstrat’s Tom Lee: Bitcoin Is a Safe Haven for Investors

Coinspeaker Fundstrat’s Tom Lee: Bitcoin Is a Safe Haven for InvestorsThrough recent weeks (and months), we were witnessing debate whether Bitcoin (BTC) is better than fiat, same as gold, worse than both or just a safe haven for investors. With the latter agrees crypto analyst Tom Lee.But let’s start from the beginning. Last week was pretty bearish for Bitcoin. Yesterday the world’s biggest cryptocurrency again fell below $10,000 but however, at the time of writing there was a rise of 1.24% to $10,103.25.But, it was not just Bitcoin, it was all the cryptocurrencies, but also all the main indexes as Dow and Nasdaq as well.However, Thomas Lee, a crypto analyst at investment advisor Fundstrat, has no doubt that the fact that the price of Bitcoin goes up exactly where the instability is, means that the cryptocurrency is a safe haven.He said:“You can see it in the markets. Where there’s turmoil, the local bitcoin prices tend to surge and trade at a premium because people are trying to find ways to protect their money. So yes [it is a safe haven].”Lee speaks about recent news coming from troubled areas as are Hong Kong and Argentina where Bitcoin price was caught having premiums of 10 percent in Argentina and 4 percent in Hong Kong.The main claim is that you have to look at the picture long-term and not just day-to-day. Just for example BTC’s value has more than tripled since the end of 2018. It is not related to stocks and bonds in any means and that makes it a good “diversification hedge.”Lee also confirmed that BTC $10,000 is the FOMO level, but that institutional investors seem to be still unsure of coming off of the sidelines.Hi @joanaGodinho it was great speaking with Stuart @Varneyco today on bitcoin, which we see as a macro hedge, and why we want to buy stocks here, especially given panic over inverted curves… #BTD#BTFD#invertedcurves— Thomas Lee (@fundstrat) August 15, 2019In the interview he gave, Lee predicts a bold future for Bitcoin, claiming that the cryptocurrency may reach its highest price ever before 2019 ends.Lee, however, wasn’t always right. Last year he went pretty bullish saying that BTC will reach $25,000 and – we all saw how this turned out. Even though he backed off a little he is still convinced that Bitcoin could show amazing results in 2019 (almost similar to its record in 2017), saying he doesn’t want to miss out.He said:“I think it’s going to be much higher by the end of the year and potentially at new all-time highs. I think anyone who wants to have a 2 percent or 1 percent allocation to bitcoin as a hedge against a lot of things that could go wrong it’s a smart bet.”Lee recently said to investors to “back up the trucks and buy assets” before they missed out on a big buying opportunity.He explained that there at least 5 signs that have happened recently and might have generated an average return for the market of 12% in the last six months of a year.According to him, those signs include Fed making its 1st rate cut and since 1971, mean 6M gain. Then, the Cboe Volatility Index, known as the VIX, term structure (1M-4M) inverted. Daily RSI fell below 30, and 6 of the last 6 saw S&P 500 gain sharply. The 3% 1-day drop is usually a sign of panic, since 2009 and let’s not forget that a measure of market sentiment shows that the number of bulls less bears is – 26, since 1987.Fundstrat’s Tom Lee: Bitcoin Is a Safe Haven for Investors

Bitcoin Price to See Fresh All-Time Highs Amid “Market Mayhem”, Fundstrat Asserts

CNBC has continued its seemingly non-stop coverage of Bitcoin and other crypto markets. On Monday, the outlet brought on Thomas Lee of Fundstrat Global Advisors to divulge his latest thoughts on the cryptocurrency market. Unsurprisingly, Lee’s comments centered around the impact that tumult in traditional markets and the geopolitical stage, like the U.S.-China trade war, could have on the price of Bitcoin and the broader industry. Related Reading: Bitcoin Could Hit a New High This Week, Factors And Trends The Sky is Falling! The Sky is Falling! Ever since mid-December 2018, Bitcoin has been on an absolute tear. The cryptocurrency, which some cynics expected to wither away earlier this year, has rallied from a bottom of $3,150 to $12,200, where it stands as of the time of writing this. Per Lee, a prominent cryptocurrency analyst and commentator, some, if not most of this rally was catalyzed by a growing number of investors looking to hedge their bets against traditional financial risk. You see, over the past few months, years even, there have been growing storms in the macroeconomic landscape. Bitcoin will rally to new highs as market mayhem continues, says @fundstrat's Tom Lee. Here's why. — CNBC's Fast Money (@CNBCFastMoney) August 5, 2019 Here’s a brief list of some of the many issues (most of which deserve their own articles in and of themselves): over $14 trillion worth of negative-yielding bonds (debt), most of which is high-grade; a dovish Federal Reserve that recently cut rates for the first time since the Great Recession; a raging trade war between the U.S. and China; Brexit and other turmoil in the European Union; and currency crises in places like Venezuela, where Bitcoin has already taken grip of the economy. Bitcoin, the Go-To Hedge And according to a growing number of economists and investors, Bitcoin is one of the ways that those with fiat holdings can hedge their risk against the aforementioned issues. As Chamath Palihapitiya, a former Facebook executive and a current venture capitalist, told CNBC earlier this year, Bitcoin is the single best insurance against the “traditional finance system” that the world has ever seen. Palihapitiya has been under the belief for a while now that the cryptocurrency will eventually hit $1 million, with one price driver being it being used as a safe haven, much like gold. Palihapitiya isn’t the only one with this thought process. As detailed by this outlet on an earlier date, former Bitcoin skeptic Tyler Cowen, who is a columnist at Bloomberg, wrote in an op-ed regarding his thoughts on the development of the cryptosphere, one of the four reasons why BTC is here to stay for the long term is its potential to be used as a hedge against uncertainty. And even the Financial Times, a legendary business news publication, earlier this year hinted that Bitcoin is joining the exclusive class of go-to safe-haven assets — gold, Swiss Francs, and Japanese Yen, to name a few in that class. This assertion regarding Bitcoin and the economy is very similar to that made by Jeremy Allaire, the chief executive of the Goldman Sachs-backed Circle. Per previous reports from NewsBTC, the industry executive told CNBC’s “Squawk Box” panel on Monday that there is a growing correlation between macroeconomic turmoil and movements in the Bitcoin price, implying its use as a hedge. Indeed, Bitcoin began its latest rally around two days ago in direct correlation with a tweet that Donald Trump published in regards to fresh tariffs, which also coincided with a drop in the value of the Chinese Yuan against the U.S. Dollar. This is the seeming second time that tariff-related messages from the Trump administration have resulted in a drop in the CNY/USD and a rally in BTC. This move supports the hearsay that Chinese investors who have managed to skirt regulations are buying Bitcoin to get money out of an increasingly threatened economy. Bitcoin to See Fresh All-Time Highs According to Lee, all this is preparing Bitcoin to experience new all-time highs in the near future. He explains that the fact that Bitcoin has been rallying amid all the aforementioned turmoil and a strong U.S. dollar will push institutions, many of which are underperforming their benchmarks and are looking for alternative opportunities to produce outsized returns,  to invest in digital assets. Per the analyst, this newfound influx of investment help BTC hit $20,000 in the near future. Featured Image from Shutterstock Bitcoin Price to See Fresh All-Time Highs Amid “Market Mayhem”, Fundstrat Asserts was last modified: August 6th, 2019 by Nick ChongThe post Bitcoin Price to See Fresh All-Time Highs Amid “Market Mayhem”, Fundstrat Asserts appeared first on NewsBTC.
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Will bitcoin hit the ground?

However, Fundstrat’s co-founder Tom Lee still expects prices to reach $25,000 — $5000 more than December’s all-time highs.


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Bitcoin Struggles As BAT And ETC Lead The Charge

The cryptocurrency market has somewhat stabilized, presenting a predominantly green landscape as Bitcoin struggles to stay above the psychological $10,000 marker.   Cryptocurrency Market Situation. Source: Coin360   Sentiment for Bitcoin has seen a moderate improvement towards a strongly neutral outlook.   Bitcoin Sentiment Chart by   Despite this overall lukewarm performance, proponents of Bitcoin’s store of value potential have reason to rejoice today. According to a report by Digital Asset Data, BTC is increasingly gaining correlation with the broader asset markets – positively with gold, and negatively with the stock market. With a recession looming on the global economy, Bitcoin could fulfill the role of a “safe haven asset,” to which investors flock during uncertain economic times. Altcoins see recovery with ETC and BAT leading The rest of the cryptocurrency market is seeing strong corrections from yesterday’s fall, with two strong outliers making significant gains. Basic Attention Token is strongly reacting to its new listing on Kraken, a popular exchange part of Weiss Ratings’ Real 10 index of platforms reporting true volume. BAT has gained more than 15% on yesterday’s price, while curiously its partner-in-listing WAVES has registered a much more modest 4%. The stark difference can be explained by the contribution of other fundamental drivers, with BAT recently launching the much-anticipated online tipping feature in its browser.   BAT Recent Price Trend. Source: CoinMarketCap   The other outlier is none other than Ethereum Classic, which after an against-the-grain rally on Tuesday has continued today with a 14.6% gain. The total 7-day performance is a solid +21%, by far the highest in the top-50. As before, it’s difficult to give a meaningful explanation of the rally. The upcoming ETC Atlantis hard fork is scheduled in about 22 days, too far ahead to justify any price action, though the final confirmation was released on Monday. The run is likely to be due to a combination of factors, including possible whales entering ETC positions. The rest of the altcoin market is seeing moderate recoveries, with IOTA, TRON and Cardano gaining 8%, 6.32% and 6.42% respectively as the rest average on 3-4%.   The post Bitcoin Struggles As BAT And ETC Lead The Charge appeared first on Crypto Briefing.

Casa Unveiled Node Monitor Service to Leapfrog Bitcoin Network Health

Coinspeaker Casa Unveiled Node Monitor Service to Leapfrog Bitcoin Network HealthA famous crypto startup firm recognized as Casa that offers primary management service, and Bitcoin node machine has launched a node monitor as well as accompanying reward program to develop Bitcoin network health.The firm revealed the latest innovation in an official website article on Aug. 21. Per the announcement, the node monitor known as Node Heartbeats depends on creating a brief relationship between the server of Casa plus, an internet synced and Tor-activated node owned by a user. The rewards program enables Casa node subscribers to earn 10,000 SatsBack weekly in exchange for operating 5 Node Heartbeat checks weekly, on separate days.SetBack can reportedly be converted for Bitcoin (BTC) just once per day on Keymaster app for Casa, as long as a consumer has garnered a minimum of 50,000 SatBack points. According to the report, Casa is firmly convinced that it`s hectic for consumers to keep up with the trend on their node`s uptime as well as security. By offering an inducement program to leapfrog node health, the firm reportedly expects to enhance the overall health of the Bitcoin network.How the Node Heartbeat OperatesTo verify that node is online, the company makes a concise link from their server to the users Casa Node. For this to be manageable, the user`s node must be synced, online, and with Tor activated. But with Tor, that indicates the node Heartbeat secures user`s privacy.Speaking of privacy, the Node Heartbeat only utilises the connection code of the consumer-the same code that is already existing in explorers and that which the consumer release to others who are willing to launch a channel with them. Sats App automatically submits the code for the users when they send a Heatbeat to saves them from the agony of looking it up.Guess Who Is The Latest Casa Investor?Charlie Lee, Litecoin (LTC) founder revealed just three days ago that he has heavily invested in Casa. He went ahead to praise Casa for spearheading BTC acceptance, indicating:“I have the same feeling about Casa today as I had about Coinbase when I joined in 2013 as the 3rd hire. Casa is making Bitcoin easy to use, and that is extremely important for this space. Looking forward to great things!”New Node Monitor by Lightning LabsAs initially reported by Cointelegraph that the designer of the high-speed transaction protocol Lightning Network, Lightning Labs recently unveiled an alpha version of a node monitor. The invented device, called Indmon, allegedly enables nodes operators to supervise node functions in real-time. Network cases this year reportedly influenced the developers to design a tool for preemptively detecting network and node issues.Casa Unveiled Node Monitor Service to Leapfrog Bitcoin Network Health

Gemini Exchange Launches In Australia in Effort to Expand its ‘Crypto Needs Rules’ Brand

One of the most prominent exchanges, Gemini which is owned by Winklevoss Twins is now available for Australian crypto users. “Cryptocurrency is the future of money, and we're committed to building a bridge to that future in Australia.” – @tylerwinklevoss We are thrilled to announce that starting today, we are operational in Australia 🇦🇺 Read […]
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