Just recently in an editorial featuring Chris Burniske, a blockchain analyst and products lead at investment manager ARK Invest analyst told CNBC that Bitcoin is steadily becoming a safe haven in the eyes of investors. The price of Bitcoin has been climbing with fervor lately as post-Brexit economic fears have shaken citizens worldwide.
Alongside the article with Burniske, he also was interviewed by the CNBC news team in a video called “Markets using Bitcoin as a disaster hedge: ARK Invest.” The blockchain analyst describes his opinion of what is happening in the world economy and why investors are seeing Bitcoin as the new safe haven of the 21st century right up there with gold. ARK Invest’s Chris Burniske tells the reporter on CNBC video broadcast: “Well, what we’ve seen with Bitcoin generally is capital market investors are using it as a disaster hedge. We saw this in the summer of last year with the Greek debt crisis. Bitcoin trading volumes spiked, and the price enjoyed a sustained rise. We also saw it late last year with fear of the Chinese devaluing the Yuan and we saw it with the Brexit this year. As the markets started to grow in tension around the Brexit ‘leave’ vote Bitcoin spiked from $450 and broke all the way through $700 but then as markets started to price in a ‘remain’ during the week Bitcoin showed some softness all the way down to $550. Then it spiked again as Britain shocked the world and voted to leave.” Burniske helped write the latest report from ARK Invest with help from Coinbase Vice President of Business Development & Strategy, Adam White. The paper called “Bitcoin: Ringing the Bell for a New Asset Class” details the many attributes the cryptocurrency holds as a newly discovered asset class. […]
