Bitcoin’s former enemies are turning friends or at least admirers with the latest of them being Bleakley Advisory Group’s Peter Boockvar.
The renown investment officer while speaking to the CNBC on Tuesday described Bitcoin as a signal or indicator of a gold bull market since the former witnessed massive increase before the growth in the price of gold in the last couple of weeks.
Peter told CNBC analysts that the Bitcoin increase was saying something regarding the U.S Federal Reserve impending move to slash interests rates twice before the end of the year. Although, not directly, Peter suggested that investors are turning to Bitcoin.
He said on the show,
“Over the last couple 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 [and about] the turmoil created by the threatened tariffs.”
Peter next spoke about whether now is the right time to classify Bitcoin as a safe haven asset such as gold, especially given the ongoing U.S Trade War against China and the cut in interest rates.
To that regard, Peter said he believes Bitcoin is still in its fancy and was only a subject of discussion because of the short move over the past month and then added,
“From here on, can bitcoin be a safe haven as much as gold? I don’t know yet. But, again, I’d still rather own gold either way.”
Peter’s latest comments about Bitcoin no doubt indicates growing interest around the digital asset class, which we reported earlier this year has outperformed most traditional investment vehicles.
Additionally, Peter is not the only Bitcoin bear giving the cryptocurrency some air time and positive outlook in recent times.
Last month, we reported that Mark Mobius, a legendary market investor who once described Bitcoin as a fraud had changed his opinion regarding the cryptocurrency. Mobius told Bloomberg that “bitcoin and other currencies of that type are going to be alive and well.”
Meanwhile, at the time of writing, Bitcoin was exchanging hands at $7826, a less than 1% gain lowers it losses in the last seven days to 9%.
Although analysts are quick to single out a market manipulation as the reason behind Bitcoin’s dip on the 7-day chart, the leading cryptocurrency is still more than 100% up from its value at the start of the year.