Trading Legend John Bollinger Explains Whether Bitcoin (BTC) Is Safe Haven Asset

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Tue, 03/10/2020 - 19:40
Alex Dovbnya
Legendary trader John Bollinger says that Bitcoin can act as a safe haven asset if you want to think so
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Contents

While countless pundits continue to argue whether or not Bitcoin (BTC) can be considered a store-of-value asset, John Bollinger, the inventor of the Bollinger Bands (BBs) indicator, recently opined that it ultimately depends on your perception. 

Bollinger believes that there is no surefire way of determining the 'safe-haven-ness' of a certain asset. If enough people that a certain asset is a hedge against global economic uncertainty, it will probably act as one.

Related
Mike Novogratz Explains Why Bitcoin (BTC) Is Failing as Safe Haven

Bitcoin leaves its backers in disbelief   

Bitcoin's 16 percent slump that happened over the last few days has left a dent in a popular safe-haven narrative. With each rad candle, there seemed to be fewer people who believed that the benchmark cryptocurrency is actually the digital gold that it is widely believed to be.

Yesterday, Bollinger tweeted that he expected Bitcoin to weather out the spiraling economic turmoil. Surprisingly enough, Brian Armstrong, the CEO of Coinbase, also believed that the crypto king could actually appreciate in this environment.       

Related
Nouriel Roubini Destroys Main Bitcoin (BTC) Narrative

An extremely uncertain outlook 

It's too early to tell whether Bitcoin's failure to rally in the face of the global economic turmoil will lead to a dramatic shift in how it is perceived by investors. Economist Alex Krüger says that the asset's current outlook remains 'extremely uncertain.' 

Earlier today, gold bug Peter Schiff said that BTC was 'done' since it cannot serve as a store of value. 

Meanwhile, Ari Paul of BlockTowerCapital thinks that it's too early to write off Bitcoin as a safe haven in the world with negative interest rates.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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