[2019-06-07] Bitcoin Is Becoming A Safe Haven For Investors – Peter Boockvar

[ruthbabe]

In CNBC’s Future’s Now “Search for Safety” episode on June 4, 2019, CNBC’s reporter pointed out that Peter Boockvar, Chief Investment Officer at Bleakley Adviser Group is of the opinion that Bitcoin is a good place for investors to hide. Boockvar, on the other hand, said Bitcoin is a good signal indicator as to what may happen in the Gold market even though he would rather encourage clients to invest in Gold. See more for yourself here...

Guys, what is your thought on Peter Boockvar's opinion? Let's discuss.

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[hatshepsut93]

The idea of Bitcoin being a safe haven during problems with traditional economy is nearly as old as Bitcoin itself. News outlets always try to tie Bitcoin's price rises to some negative events in the world, but in my opinion it's mostly just a coincidence, for every "hit" there are many more "misses", when Bitcoin's price doesn't move as expected from a safe haven asset.
But overall there's hasn't been a global recession since Bitcoin's inception, so we are yet to truly test this theory, but I don't think it will be like people predict - Bitcoin still has its own cycles, so whether the recession will come during Bitcoin's bear or bull market can make a huge difference on how Bitcoin will react.

[Kemarit]

The only use case we have so far in the Venezuelan economic crisis and to some extend Zimbabwe financial collapse. But as far as 'hiding', I wouldn't say he is correct, but as the same time he could be wrong as well. Smart investors knows how to hedge their fund, so maybe they are going into Bitcoin market but there are other instruments as well such as precious metals or even real state. So this is still up for debate, IMHO.

[Slow death]

Peter Boockvar, Chief Investment Officer at Bleakley Adviser Group is of the opinion that Bitcoin is a good place for investors to hide.

Is my impression, or what Mr. Peter Boockvar said is a sarcasm? and just to remember this:

JAN 22, 2018

Bitcoin To Drop As Low As $1000 This Year, Wall Street CIO Predicts

Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group, sees the potential for Bitcoin (BTC) to be around for a long time, but with a significant price drop coming when the Bitcoin bubble bursts, according to CNBC.

Boockvar sees a possible 70 to 90 percent price drop for Bitcoin this year, saying:

“Over the next year I wouldn’t be surprised if it’s BTC down to $1,000 to $3,000.”

the price does not fall to  $1000

[1Referee]

Not really impressed by these statements during a price rally.

Where were these people with their bullishness when the price was on its way to drop below $3000? These sentiment surfers are leeches only out to whore themselves on social media as some kind of gurus or experts. Let them put their money where their mouth is and come back predicting the price to do this or that. Talking about Bitcoin without holding any is silly.

If these people were so confident about what they are saying they would trade each scenario they think is due, but they don't.

[magneto]

In CNBC’s Future’s Now “Search for Safety” episode on June 4, 2019, CNBC’s reporter pointed out that Peter Boockvar, Chief Investment Officer at Bleakley Adviser Group is of the opinion that Bitcoin is a good place for investors to hide. Boockvar, on the other hand, said Bitcoin is a good signal indicator as to what may happen in the Gold market even though he would rather encourage clients to invest in Gold. See more for yourself here...

Guys, what is your thought on Peter Boockvar's opinion? Let's discuss.

I completely disagree with the highlighted statement.

Firstly, most of bitcoin's price movements have absolutely nothing to do with gold and the commodities market in general. People have been trying to draw connections and conclusions between BTC and other global markets for years now, and I'm still not sold on any solid, founded, tangible connection as such.

Furthermore, I think that BTC, given its rate of adoption and the trend towards virtuality will see a lot more growth in the network usage alone compared to gold as an investment vehicle. I don't see why then someone would encourage their clients to invest in gold without at least looking at bitcoin's fundamentals.

[joniboini]

Discussing these guys opinions won't give us any good imo. Lots of these guys have been telling this and that, predicting this and that, trying to get credits when they're right and not saying anything when they're wrong. Your typical speak nonsense guy.

I wonder why media keep making people opinions as news that's worth reporting.

[BLAST2MARS]

Discussing these guys opinions won't give us any good imo. Lots of these guys have been telling this and that, predicting this and that, trying to get credits when they're right and not saying anything when they're wrong. Your typical speak nonsense guy.

I wonder why media keep making people opinions as news that's worth reporting.

I guess you forgot that bitcoin is a speculative asset thus making a lot of speculation articles from anyone who has a name in a financial institution or a random successful company. But it is true that bitcoin is a safe haven investment because you won't risk yourself like getting spied when you go in and out which happens in your way to the bank. Robbers loves to monitor people who make withdrawals on a schedule.

[Lucius]

~snip~

It is true that the price has not dropped to $1000, but it is drop to $3000 so he was close with its speculation. In time when this article is published price of bitcoin was almost $12k, and few have dared to predict that it can go so low.

His statement that bitcoin is a "good place for investors" I would not call sarcasm in relation to his previous statements. There is nothing wrong in the fact that someone gives his prediction about something, and in this case it was actually a warning that correction is not completed.

[BitHodler]

I wonder why media keep making people opinions as news that's worth reporting.

It's money worthy so they'll go for it. Bitcoin's speculative nature pretty much is an infinite source of content. If the price goes up, they report it. If the price goes down, they report it. If the price doesn't move, they report it.

The same applies to Tweets, Reddit posts, medium articles, etc. News outlets literally grab anything that can make them a few dollars, which I can't really blame them for. They're businesses.

Overall, I much rather read through realistic predictions (bullish or bearish doesn't matter) than all the crappy perma bulls predicting that the price will break through $100k before this or that unrealistic time frame.

[Slow death]

It is true that the price has not dropped to $1000, but it is drop to $3000 so he was close with its speculation.

yes he had a bit of luck, because at that time many people said that bitcoin was a bubble

In time when this article is published price of bitcoin was almost $12k, and few have dared to predict that it can go so low.

the price had dropped from $ 19,000 to $ 12,000 and many people already commented that bitcoin was a bubble and already made pessimistic forecasts, so it was not so difficult to speak some random number and come true

His statement that bitcoin is a "good place for investors" I would not call sarcasm in relation to his previous statements.

He said:

Bitcoin is a good place for investors to hide.

hide from whom? talking like this looks like bitcoin is only used by criminals

[Lucius]

yes he had a bit of luck, because at that time many people said that bitcoin was a bubble

There is also a factor of luck, but after every big bull run a big correction has taken place and just by looking to bitcoin history it was easy to say that history will repeat itself, what happened in the end. Everyone could calculate very easily that 80% or more correction from $20k will bring price down to $3000 - $4000.

hide from whom? talking like this looks like bitcoin is only used by criminals

He was probably referring to the fact that investors always look for ways to hide money, but not from authorities, but in something that is better store of value. History shows us that people who hide their money in bitcoin have reason to be satisfied, they mostly profit with exception of those who invest at the end of 2017 and still hold their coins.

[livingfree]

I wonder why media keep making people opinions as news that's worth reporting.

It's for the content and they are tying their contents now related to bitcoin so every personality that seem to have good 'reputation' in their own perspective does have valuable content for their viewers.

It's a win-win situation for them, they have the content while the person gains exposure.

[Bezobraznike]

   I guess all bitcoin lovers from the forum understood this idea for a long time already. But who listens us?!
   It's wonderful to hear that someone's from above, who has respect in economical world says loudly about what kind of investment bitcoin is. I hope this speach will attract more attention to bitcoin and will show new investors and users that there is nothing to scare.

[carlfebz2]

Discussing these guys opinions won't give us any good imo. Lots of these guys have been telling this and that, predicting this and that, trying to get credits when they're right and not saying anything when they're wrong. Your typical speak nonsense guy.

I wonder why media keep making people opinions as news that's worth reporting.

Non a rare thing yet this had been already common nowadays and we do expect to have more into upcoming years to come with BTC.
Where critics and bullish fellas would pop out like mushrooms telling either positive or negative depending on whats the current market condition.If we are on a very dump slump market we cant really see these kind of words.

[cr1776]

The only use case we have so far in the Venezuelan economic crisis and to some extend Zimbabwe financial collapse. But as far as 'hiding', I wouldn't say he is correct, but as the same time he could be wrong as well. Smart investors knows how to hedge their fund, so maybe they are going into Bitcoin market but there are other instruments as well such as precious metals or even real state. So this is still up for debate, IMHO.

There are others such as Cyprus and China.

Smart people in Hong Kong should own some too so that when the extradition proposal returns and includes capital controls they'll be able to get out.

[Schirer]

In CNBC’s Future’s Now “Search for Safety” episode on June 4, 2019, CNBC’s reporter pointed out that Peter Boockvar, Chief Investment Officer at Bleakley Adviser Group is of the opinion that Bitcoin is a good place for investors to hide. Boockvar, on the other hand, said Bitcoin is a good signal indicator as to what may happen in the Gold market even though he would rather encourage clients to invest in Gold. See more for yourself here...

Guys, what is your thought on Peter Boockvar's opinion? Let's discuss.

I think that comparing Bitcoin price movement to gold price is mathematically incorrect. Bitcoins market cap currently is 161 billion but golds is about 7 trillion. This is huge difference. So think about how much money is needed to move Bitcoin price for example 10 times higher and how much is needed the same to happen to Gold,..

[roosbit]

I guess it's such public statements that is attracting tax authorities like the IRS to take keen interest in some individuals investing in this ecosystem.
AFAIK if there any investors not paying their taxes and are public about what they do they better do the right thing,anyway as long as we play our role diligently no need to be alarmed....otherwise crypto remains a profitable asset to invest in to make some good money

https://www.forbes.com/sites/hanktucker/2019/06/13/irs-agent-who-took-down-silk-road-turns-his-attention-to-recreational-bitcoin-investors/amp/

[BitHodler]

I think that comparing Bitcoin price movement to gold price is mathematically incorrect. Bitcoins market cap currently is 161 billion but golds is about 7 trillion. This is huge difference. So think about how much money is needed to move Bitcoin price for example 10 times higher and how much is needed the same to happen to Gold,..

Fair point. Gold's market is in the top 5 of most liquid markets in the world, while Bitcoin's market wouldn't even make it to the top 50, or maybe not even top 100 at current stage.

Gold's market is also much more centralized where only a few players offer access to the order books, while Bitcoin's market consists of dozens of big exchanges and hundreds of smaller ones, each operating their own order book.

I'm sure that nobody will complain about the massive difference in size as long as the price keeps doing what it has been doing for nearly a decade. With time the liquidity difference will no longer be as massive as it is today.