Bitcoin Is Becoming A Safe Haven For Investors – Peter Boockvar

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In CNBC’s Future’s Now “Search for Safety” episode on June 4, 2019, CNBC’s reporter pointed out that Peter Boockvar, Chief Investment Officer at Bleakley Adviser Group is of the opinion that Bitcoin is a good place for investors to hide. Boockvar, on the other hand, said Bitcoin is a good signal indicator as to what may happen in the Gold market even though he would rather encourage clients to invest in Gold.

Boockvar’s Opinion On Why Bitcoin is a Good Place for Investors to Hide

CNBC’s reporter recently asked Peter Boockvar, a crypto bear why he feels Bitcoin is a good place for investors to hide. As a response, Boockvar stated that he watches Bitcoin as a signal not because he wishes to own it since he’ll rather own Gold as an alternative currency.

The Chief Investment Officer further outlined that by watching Bitcoin’s sharp rise in price over the last few weeks, it gave him an impression of what the market is thinking, what the Feds will do, and the turmoil created by the threat to increase tariffs. Shortly after, there was also a rise in Gold’s price and the rise was even much better in comparison to Bitcoin’s.

Boockvar’s Stance on Clients’ Investment in the Second Quarter of 2019

Boockvar was also asked what he would advise clients to invest as we approach the second quarter of the year and if trade tension persists. Would it be Gold, Bitcoin, or the Dollar? While responding, Boockvar said he would rather buy Gold and Silver aggressively whereas he cannot recommend that a client purchase Bitcoin. According to him, he only cares for Bitcoin as a signal mechanism that was a tip-off in the bounce in Gold.

Peter was also asked if he ever sees Bitcoin belonging on the safe haven risk-off list with Treasuries, Gold, Yen, etc. While responding, the investor said he can’t give an outright yes or no because Bitcoin is still in its infancy. Moreover, there is no major history to fall back on in order to determine where the virtual asset is headed.

Boockvar himself asks, “can Bitcoin be a safe haven just as much as Gold?” and responds “I don’t know yet” due to its lack of history, but he will still own Gold either way.

Source: ZyCrypto