Bitcoin hits year high of $8,000! Great news for Crypto
Added: (Thu May 16 2019)
Pressbox (Press Release) -
As volatility seems to grip to the stock market, investor capital has been pouring into crypto giant Bitcoin, which is currently trading at their highest level of 2019. CEO of block chain-focused Wave Financial, David Siemer has said in a recent note to investors that “it is a great moment for the crypto market, it is a natural hedge. The pitch for crypto for people like me has always been that it’s a non-correlated asset with the stock market, and it’s proven that a lot of times.” Siemer continued to explain that similar to the stock market, there is never a sole reason why crypto moves up or down, but the Crypto sector has been marginally oversold for a long time, and now we are seeing buying signals. “It’s going to be a volatile asset class for a very long time,” he says. “We’re still in a very speculative market.”
There is a good amount of evidence to back Siemer’s claims, as Bitcoin has seen a great run up over the course of the last three to four months, the value of Bitcoin has more than doubled since the start of the year. “We thought it would go up, we didn’t think it would go up quite this fast.”” Siemer said, and his firm Wave Financial had set an $8,000 price target.
On Tuesday the price of Bitcoin was trading over 2% higher at just over $8,000 USD. Siemer said it is highly unlikely that Bitcoin will see the same run it did in 2017, and reach over $19,000 USD this year, and he has made comments stating that the Crypto sector as a whole may see a pullback after a great run. With the performance of Bitcoin, and the value doubling in such a short period of time, it is a rather extraordinary event. Siemer still stands with his bullish stand on Crypto currency, and has said that there are an increasing amount of momentum behind the alternative investments. With so many challenges in the world, most established asset classes are fairly priced right now, so what it seems is that a lot more interest is moving into crypto currency as a hedge.
Graham House – IEC International