Bleakley Advisory Group’s Peter Boockvar is a well-known cryptocurrency bear and skeptic. However, he begrudgingly now says that Bitcoin (BTC) has proven itself as a hedge.
As Bitcoin (BTC) matures as an asset class, many former skeptics are coming around and starting to finally see it as legitimate.
Bleakley Advisory Group’s Peter Boockvar told CNBC recently that Bitcoin’s rise this year is indicative of greater market movements. People are, in short, looking for a hedge against the current uncertainty of traditional finance.
Although Boockvar still says gold is his pick as the best hedge, he nevertheless says Bitcoin is “one of the few hideouts” in this market.

US-China Trade War Creating Economic Uncertainty
Much of the current economic uncertainty Boockvar relates to the ongoing U.S.-China trade war. This may be why Bitcoin has been exhibiting such strong growth.

Is Bitcoin the New Gold?
As expected, those bullish on gold tend to generally be hostile towards cryptocurrencies. Peter Schiff, one of the most outspoken gold advocates, is a major Bitcoin critic. Oftentimes nonsensically hostile, many such individuals criticize the first and foremost cryptocurrency because they see it as possibly undermining their gold investments. Boockvar, for example, said that he “does not know” if BTC can be a safe haven like gold in the future — due to its “lack of history.”
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