Bitcoin has created a new record for itself in terms of market value after it crossed the $1900 mark yesterday. On few platforms, the cryptocurrency has been trading at over $2000. While Bitcoin continues to strengthen, the ongoing geopolitical turmoil across the world has cast a cloud of uncertainty in traditional markets. US investors are the more concerned lot, as the current presidency continues to hop from one controversy to another.
The increasing risks in the US markets have got investors looking for alternatives to bolster their portfolio, in an attempt to insulate themselves from any potential “market meltdowns.” Investment strategists, who are familiar with the investor sentiment have come to the rescue by suggesting people expand their existing portfolio by making strategic investments in international markets and cryptocurrencies.
A leading business news outlet, reporting the shifting trend has quoted the President of Strategic Wealth Partners, Mark Tepper saying,
“It’s pretty obvious that political risk is shifting toward the US. Global growth is so much stronger than US growth, and if you look at the S&P 500, globally oriented companies — which are those companies getting at least 50 percent of their revenues from overseas — are completely crushing the domestically oriented companies this earnings season.”
While Tepper advises people to widen their investment horizons by adding foreign and MNC stocks to their portfolio, Boris Schlossberg of BK Asset Management suggests investing in Bitcoin. Bitcoin has already gained the recognition of being a safe haven asset.
Making his case for investing in Bitcoin, Schlossberg points out the stability of cryptocurrency’s price, even after a 92 percent increase in its value this year.
With the trend expected to continue, the cryptocurrency market can expect more investments to flow in from mainstream investors in the coming days. These things will, in turn, help Bitcoin price attain new heights.
Ref: CNBC | Image: NewsBTC