Despite the falling rate, bitcoin remains a safe haven, all-time high price at the end of 2019

The market sentiment of cryptocurrency is as changeable as a game of Mario Kart. Sometimes you wake up with green candles and you feel like it. And sometimes you wake up and see that your portfolio has shrunk, that is a good time to turn around again.

Senior analyst Tom Lee always wakes up well. He keeps looking at the long term and does not sleep less because of green or red candles. He insists that bitcoin has become a safe haven for investors. He makes his statements in a recent interview with FOX Business.

The above interview dates from 15 August and the question that has been asked is whether bitcoin is a real safe haven.

Yes. You can see it at markets. Where there is unrest, the local bitcoin prices rise with a premium because people try to find ways to protect their money. So yes.

Bitcoin is a good diversification hedge

Lee added that bitcoin did very well this year. He wants to remind the public that the price in December last year fluctuated around $ 3,000 and has since risen to a level between $ 10,000 and $ 12,000. The Fundstrat analyst also noted that the price of bitcoin is not really related to the prices of shares and bonds. That is why Lee calls bitcoin a good diversification hedge.

According to Lee, bitcoin is currently resting. He is referring to the rate that moves sideways in a channel between $ 9,500 and $ 12,000. However, Lee expects that bitcoin can expect a significant price increase by the end of 2019. He says about this:

I think the price of bitcoin will be much higher by the end of the year, and possibly at a new all-time high. I think everyone who assigns two percent or even one percent of his portfolio to bitcoin commits a good hedge against many things that can go wrong. It’s a smart bet.