2018-10-31 22:41 |
Fundstrat’s Tom Lee on Bitcoin Price Stability
Fundstrat’s Tom Lee recently discussed bitcoin’s bull market price movement, and predictions concerning the cryptocurrency’s upcoming behavior. The interview, which was held with CNBC, took place recently and allowed Lee to share insight concerning his thoughts on bitcoin’s stability and that it may indicate that the cryptocurrency has finally reached bottom. This is not the first time Lee has commented on bitcoin’s value – in December 2017, he mentioned that its value would overcome the high of $25,000.
He stated,
“Hitting 20K shouldn’t be a problem for Bitcoin looking at all the facts right now. The cryptocurrency is still in its nascent stages and the 50 million cryptocurrency wallets that exist right now are contributing to most of it. With the industry steadily growing, the number of wallets is obviously going to rise which will play a hand in the prices shooting up.”
Lee also shared that the cryptocurrency has had low volume, thus enabling it to overcome market expectations in terms of emerging markets. He added,
“The relative performance of Bitcoin has been really good even though the EM stocks have fallen.”
Lee also discussed the cryptocurrency’s current performance, stating that the market is worth about $200 billion and is faring better than some $90 trillion markets. Lee is also confident that as new platforms like Bakkt and Fidelity’s Crypto Service emerge, bitcoin will then be adopted among the mainstream market. He continued,
“Bitcoin should be able to easily break higher ground once people realize its fundamental benefits and use cases.”
Lee also believes that emerging markets are oversold, which is enhancing the attractiveness of the cryptocurrency market and that bitcoin’s adoption may improve when the dollar becomes weaker. He noted,
“Bitcoin is obviously pegged at the USD and if it weakens, it will act as a tailwind for Bitcoin.”
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