- 2024-08-07
- Posted by: kimsite
- Categories: Commentary, Insights, News
Click here to listen to the full interview.
NEIL CAVUTO: I want to get reactions from Ashley Webster and Scott Martin on what they make of this. Scott, many people have looked at some of the cryptocurrencies and everything else as sort of a safe haven when things are volatile, but it lately has not been that. I’m just wondering what you make of that.
SCOTT MARTIN: Yeah, I think at times, Neil, it can be, but if you look at the history of, say, Bitcoin and Ethereum over the last couple of years, it kind of follows closely to the Nasdaq. So if the Nasdaq has a rough day, as it did yesterday, you saw Bitcoin open down about 25% and obviously rally throughout the day and is coming back a bit today. But look, I think Bitcoin has to be in its own asset class, Neil. So if you’re adding bonds to your portfolio, if you’re adding gold, let’s say, I think Bitcoin has its own spot. But also, don’t consider it a complete hedge because, as we’ve seen, it does tend to follow the stock market.
NEIL CAVUTO: Yeah, you can go the Ashley route when he’s investing in magnesium futures and it’s novel, but he gets results. But Ashley, what do you do, right? I mean, because you look at a day like yesterday and say, alright, now it might be a turnaround Tuesday. I don’t know where to put my money and whether it’s going to be turning around still come tomorrow.
ASHLEY WEBSTER: I think the fear is still there. The jitters, it’s funny. I was looking at what’s going on in Europe; they started out strong on the back of the Asian markets, and then by afternoon, a little bit of doubt started to come in and they closed essentially a little higher. The French markets finished down, but I think it just shows that Scott did a great sales job on Bitcoin, but not that many people have the intestinal fortitude when you see these markets dropping as they do. Bitcoin was down to 49,000, and we talked about it yesterday. You’re fighting the algorithms as well. So it’s difficult to jump in. There has been some investment in big tech names today, but overall, I think until we put these recession fears to bed or at least feel like we’re on the path to that, these jitters could continue.
NEIL CAVUTO: Alright, gentlemen, thank you both very much. I apologize for the shortened time here, but we are following these fast-moving markets.
