29 May '17, 7am

Op-Ed: Bitcoin is more akin to the Nasdaq than gold and is not a safe haven asset

"I wish I'd invested in bitcoin," is a response I usually hear when I tell people how much they could have made off the cryptocurrency if they bought it at the start. Just to be clear, if you bought $100 worth of bitcoin in 2010 when it was worth 0.003 cents each, you'd be sitting on over $88 million. It all sounds so easy. But for regular investors in bitcoin – those not heavily involved in the cryptocurrency world – bitcoin has often got a confusing reputation. It's known to be highly volatile with wild price swings, but at the same time some, such as Bobby Lee, co-founder and chief executive of bitcoin exchange BTCC, have called it a safe-haven asset. "When the existing money system has problems, people turn to bitcoin sort of like people used to go to gold in the old days," Lee told CNBC in a recent interview. I've never been a big believer in bitcoin as a safe haven a...

Full article: http://www.cnbc.com/2017/05/29/bitcoin-nasdaq-gold-not-a-...

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