Kraken OTC Head: Bitcoin Is Not Safe Haven Yet

Head of over-the-counter (OTC) sales at cryptocurrency exchange Kraken Nelson Minier compared today’s cryptocurrency trading industry to how Wall Street used to be, adding that it is still too soon to call Bitcoin a safe haven for investors.

During the Nasdaq TradeTalks interview published on Aug. 22, Minier stated:

“Wall Street ain’t what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate. I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading. It feels very much like that, […] there’s a lot of energy and enthusiasm about this progress and where it’s going.”

Too early to call Bitcoin a safe haven

The interviewer also touched on the topic of the increasingly popular idea that Bitcoin (BTC) is becoming a safe haven asset due to its lack of exposure to the monetary policy restrictions that fiat currencies are subjected to. Minier answered that he believes it is too early to call Bitcoin a safe haven asset given its high volatility. He also admitted:

“So, I’m not so sure that it’s a safe haven asset yet, but I do think that it’s starting to act like one. I think that people are starting to portfolio manage, are starting to come in slowly. And when the market is getting shaky you saw Bitcoin rise, I mean, you wouldn’t see that before, it was trading like a risky asset.”

Lastly, he concluded that despite it’s too early to call Bitcoin a safe haven, “we’re heading that way for sure.”

Senior analyst at market strategy and sector research company Fundstrat Global Advisors Tom Lee is confident that Bitcoin already became a genuine safe haven for investors.

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