Investment research firm ByteTree now thinks that the price of Bitcoin (BTC) will go up, instead of staying neutral. The company said that Bitcoin is being seen as a safe place to invest when stocks and bonds are being sold.
Three people who study and analyze things shared their thoughts about Bitcoin.
ByteTree’s top money manager said that Bitcoin is doing well, even though stocks and US Treasury bonds are not.
However, John Glover, the person in charge of investing at Ledn, thinks that the market will likely start to see more people selling stocks in the near future, even though the market has been doing well recently. Glover thinks that more people will start to like and understand Bitcoin better later this year and early next year because it seems like it has finished its correction.
Charlie Morris, who is in charge of investing at ByteTree, said that Bitcoin has done better than the US stock market while bond yields are causing problems for traditional markets. He said that Bitcoin stayed above $25,000 even when it went down recently.
Edward Moya, a person who studies the stock market at a company called Oanda, said that Bitcoin’s price is not changing much, even though the prices of bonds are going up. He said Bitcoin’s price is staying between $26,000 and $30,000. He said that the current drop in the bond market could cause problems for many cryptocurrency companies.
This is not advice for investing money.