Bitcoin can reach new highs due to the fact that it has become a hedge against global risks against the backdrop of the US and China trade war, said Tom Lee, co-founder and senior analyst at Fundstrat, writes RBC Crypto. In an interview with CNBC, he explained how cryptocurrency correlates with the dollar, stock markets and gold.
“In the past two years, Bitcoin has correlated with the dollar. A weak dollar was a positive factor for Bitcoin. But this year, cryptocurrency deviated from the dollar, it was strong, but Bitcoin still grew – this is a turning point. Now, Bitcoin has shown itself to be a hedge against global risks, because it shows a positive correlation with gold and a negative one with the stock markets, ”Lee said.
According to him, the “cryptozyme” has finally stopped, so in the near future the market will continue to grow. Earlier, co-founder of Fundstrat suggested that a decrease in the rate of the US Federal Reserve will lead to a sharp rise in price of Bitcoin. Lee claims the asset could rise to $ 20,000.