Posted 2 years ago | by Ben Armstrong
Houston Rockets GM Buys More Bitcoin Amid Choppy Markets
Daryl Morey is the General Managers of the Houston Rockets, which is a team in the NBA. Morey recently Tweeted that he (NBA GM) purchased more Bitcoin, as a response to positive Tweet concerning Bitcoin from Morgan Creek Digital Assets co-founder Anthony Pompliano.
Add the GM of the Houston Rockets to the list of celebrities, athletes, and musicians that have become Bitcoiners.
Daryl has actually been on top of all this for awhile. About time he starts getting recognition for it ?? https://t.co/ejxEVsZ9Cn
— Pomp ? (@APompliano) August 23, 2019
Pompliano is a Bitcoin proponent (NBA GM). According to credible reports, Pompliano has put more than 50% of his personal net worth into Bitcoin. He thinks that it is vital for investors to hold alternative assets that have a low correlation with established markets.
During an interview with CNBC Pompliano told the network that,
“We’re now entering a position where it’s actually irresponsible for institutions to not have exposure to this asset, and the reason is their job is to find assets that actually can provide non-correlation to the rest of the markets, especially in times of global instability.”
Some See Bitcoin as Predictor of Global Chaos
The co-founder of DataTrek Research, Nicholas Colas, told CNBC that Bitcoin is a harbinger of geopolitical unrest. DataTrek Research is a market research firm, and Colas told CNBC that Bitcoin is being viewed as a safe-haven asset which appears have predicted the current unrest in Hong Kong.
“We are definitely seeing that (Bitcoin is being treated as a safe haven), and really are perked up around the Hong Kong protests and some of the currency flight that happened out of Hong Kong and the mainland, and Bitcoin was one of the few assets that we watched that actually predicted that uncertainty ahead of time. Nothing else was really moving, Bitcoin was.”
Bitcoin is a mostly unregulated market, and can help to transmit liquidity internationally. It isn't controlled like fiat currencies, which are created and administered to by global central banks. Bitcoin has been hovering around the $10,000 USD mark in recent days, which is more than 50% higher than where it began 2019.
Big Swings in Global Stock Markets
The S&P 500 is still in positive territory for 2019, but volatility has been picking up. As measured by the S&P 500 US stocks have been on a choppy ride in 2018 and 2019. The index has fluctuated in a range of over 500 points in the last 18 months, and fell below 2450 late in 2018.
The ongoing US/China trade negotiations as well as central bank policy are often cited as the reason why equity markets are more presently more volatile than in recent years.
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