Fundstrat’s Tom Lee Supports Bitcoin But Doesn’t Take Sides In The BTC/BCH Battle

If you are active in the crypto waters or actively following our news site, you have probably heard of Tom Lee. Also known as Thomas Lee (full name), he is the co-founder of Fundstrat Global – and a topic of discussion in a lot of cryptocurrency aspects.

According to Lee’s latest statement, he bets on the number one cryptocurrency – Bitcoin – over its spin-off, Bitcoin Cash. However, his decision is not discriminating Bitcoin Cash’s potential at all. Instead, he just believes that Bitcoin is the stronger ‘brother’ out there.

In his own words, Tom Lee said:

“I prefer not to pick winners and losers when we’re looking at cryptocurrencies like bitcoin/Bitcoin Cash. I think both have merits. But if I were putting new money to work today, so a fresh dollar, I would be a lot more interested in buying a laggard that could attract inflows rather than something that’s already potentially overbought.”

Earlier this month, the cryptocurrency fund manager Brian Kelly made the news for betting on Bitcoin Cash. However, Tom Lee backs Bitcoin – and even said that the price for 1 BTC may reach $25,000 by the end of this year.

CRYPTO: We hosted a small group of institutional investors on 4/23, mix of crypto and traditional macro HF/long-only. Results below. Key takeaway, institutions believe #BTC bottomed. We see this as a leading indicator for inflows of big money into Crypto pic.twitter.com/NybWPTZTg4

— Thomas Lee (@fundstrat) April 24, 2018

On top of that, Lee suggests that Bitcoin Cash is nowadays “overbought”. For a lot of time, he has been observing the potential for cryptocurrency trading – something that 20% of financial institutions are already considering, according to a survey by Thomson Reuters.

“More clients are starting to be very serious about how they want to have exposure to this asset class. And so we’re having conversations with people you would never think would actually have an interest or want to talk about crypto,” Lee told CNBC.