Peter Boockvar: Bitcoin is turning into a safety trade in the current market

Business

Traders are running to invest in bitcoin as uncertainness has become very apparent on Wall Street.

The cryptocurrency’s stellar jump this 2019 is actually an indication that it is transforming into a secure area to make investments in some degree in the middle of growing unpredictability in the stock market. That was the statement of Peter Boockvar of Bleakley Advisory Group. He stated that on a CNBC show entitled: “Futures Now.”

Boockvar’s statement

Boockvar was a notable crypto bear. He commented that he observes bitcoin like a sign, as a pointer, arguing that he does not intend to purchase it.” He emphasized that the sharp rise that bitcoin is currently experiencing is due to the tariffs threat that caused volatility to the stock market.

The market is looking forward to the Federal Reserve reducing the rates of interest two fold prior to the conclusion of 2019. Additionally, the current government headed by U.S. President Donald Trump is increasing its multifront trade warfare. This has caused bitcoin to become a safe place to invest amidst the uncertainty of the stock market.

Conclusion

Peter Boockvar currently works as the chief investment officer of Bleakley. He remarked that bitcoin started to move prior to the start of gold, an interesting event that might cement the electronic currency’s position as an actual substitute to stocks and shares.

Boockvar added that he still doesn’t know if bitcoin can be a safe haven like gold. However, he asserted that he currently prefers to invest in gold either way.

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