The latest cryptocurrency news feature Jim Luorio who is a managing director at TJM Institutional Services and a popular CNBC Futures Now trader. The CME trader Jim Luorio believes that the Bitcoin dip at the $10,000 level is something definitely worth considering.
As he said during the CNBC Futures Now show:
“I am actually starting to see bitcoin for what it may be; and that really is a genuine dollar hedge safe haven asset, at least it has performed like that over the past six months. $10,000 seems to be a good level here. If it trades $10,850, I think it is a spot to buy.”
If you see the statement from the CME trader and then look at the Bitcoin price performance, it is easy to see that within six months the most dominant cryptocurrency increased from less than $4,000 to over $10,000 – achieving its yearly high at almost $14,000 with a three fold increase in terms of its value.
Therefore, the CME trader believes that Bitcoin is a safe haven asset and that the angle on BTC is viable. The products such as Grayscale’s Bitcoin Investment Trust (GBTC) and the spike interest about crypto assets in China were all over the best cryptocurrency news sites – signalling that a number of investors may be considering BTC as a safe haven.
Obviously, there are safer and more reliable products for investors to utilize and hedge their holdings – such as treasuries, bonds, cash and gold. However, the CME trader Jim Luorio is both confident and impressed with Bitcoin:
“I’m impressed with bitcoin over the last six months but particularly since the beginning of June where it started to move higher whereas the dollar began to move lower,” he noted.
At this point, many analysts are featured in the altcoin news for speculating that Facebook’s cryptocurrency Libra may trigger a new rally. When the Libra Association first announced the release of the Libra whitepaper in June, the interest towards the asset class surged, leading BTC to almost $14,000 in a massive rally.
Currently, Bitcoin is trading at $11,300 with a 7% increase from yesterday and a total market cap of $201 billion.
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