Crypto rally sparked by investors seeking hedge against rising global risks, says bitcoi…

Bitcoin bull Tom Lee told CNBC on Monday that cryptocurrency is a hedge against global risks, amid the U.S.-China trade conflict and currency war.

The founder and head of research at Fundstrat explained on “Fast Money ” that “bitcoin has done something very interesting this year. “

“Last couple of years, it’s been really correlated to dollar.” he said. “Weak dollar has been good for bitcoins. … And it’s been really correlated to risk markets. This year, it’s steered away from the dollar because dollar’s been strong, bitcoin’s been up, which is a real breakage. It’s gone negative on correlation to the equity markets.”

Lee also added that crypto is now “positively correlated to gold” and it proved “itself this year to be a hedge against global risks.”

Gold surged as much as 2% on Monday, reaching its highest level in more than six years as U.S.-China trade conflict worsened. Investors are seeking safer assets like gold,…