In yesterday's "Bitcoin Alert" on CNBC's "Fast Money" show, everyone on the panel was very bullish on Bitcoin, and they explained why.
This segment, which had the chyron "Bitcoin in Rally Mode", was live on CNBC on Tuesday (February 11) at a time when Bitcoin was trading at $10,235.
The host, Brian Sullivan, started by saying:
"How's that for graphic? Bitcoin 's boom time continues, back above $10,000. Get this. If you're not paying attention, you probably should be. Bitcoin is now up 44% this year. So, Tim we went from like 0 to 20,000, back to 4,000, now back to 10,000. Is anything different this time around?"
The first panelist (Timothy Seymour, Founder and CIO of Seymour Asset Management) said:
"I think what's different is, first of all, you've shaken out a lot of weak players. You've shaken out a lot of the momentum. You've certainly gotten further down the road in terms of institutional follow-through. You've certainly had major banks in the world talk about their own blockchain platforms. You've had a dynamic where money's become freer than free. Gold's been rallying. Why shouldn't Bitcoin be rallying?"
The second panel agreed, especially the part about quantitative easing by central banks:
"If you talk about a Fed just gone nuts as Guy [Adami] thinks it has or all the central banks going nuts. I mean that's part of the bull case for Bitcoin. Plus institutional interest as well."
Next to speak was Dan Nathan, Principal at RiskReversal Advisors:
"Yeah, but listen. So, we got rates lower, we got gold up, we got utilities up, we got Bitcoin up. So, it's all acting like safe haven. That just takes me back to the MAGA trade, what's going on there that just seems very bifurcated in this market where they're doing that heavy lifting, but these other things that we identify as safe haven assets have really perked up in 2020."
Sullivan then offered his own thoughts on why Bitcoin is doing so well right now: some of the interest in Bitcoin could be from Asian buyers wanting to protect their money as the result of the coronavirus outbreak in China.
The last to speak, and the one with perhaps the most poignant words on this subject, was Guy Adami, Director of Advisor Advocacy at Private Advisor Group:
"Perhaps, but I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor, Brian."