The co-founder of Fundstrat, Tom Lee, is in the latest Bitcoin news – again for his (quite unusual) price predictions about the price of the largest cryptocurrency by market cap. According to Lee, the Bitcoin price target of $15,000 is still possible.
Lee’s new prediction is a dramatic drop from his bullish $25,000 price target from early 2018, when the crypto market seemed poised for a major explosion. As he told CNBC on November 20th:
“Global markets have seen liquidity dry up, and bitcoin is not necessarily a value asset — so as growth stocks, tech, and FAANG come under pressure, it’s going to hurt bitcoin. The downturn in FAANG is hurting those owning bitcoin.”
Despite the killer downward trend that Bitcoin is facing right now, Lee remains bullish about crypto and believes that we are merely undergoing an “awkward transition.”
As he stated, crypto still has a bright long-term future ahead and there is no doubt that institutional investors will start coming around.
Bitcoin plunged 16% Tuesday and fell as low as $4,200.22.
— CNBC (@CNBC) November 20, 2018
““The next wave of adoption is institutional,” Lee said. “There is a crossover happening. This is just an awkward transition.”
He also said that institutional investors will start making giant leaps into crypto. As he revealed:
“Institutional backing will come soon. You will get it partly through infrastructure, like Bakkt, which is launching soon. Part of it is going to come through regulatory clarity.”
Tom Lee concluded by saying that the regulatory scrutiny of crypto scams would benefit the industry by easing consumer and institutional anxiety about the burgeoning industry.
“Digital assets are going to be relevant in a world where growth is increasingly digital,” Lee said. “So bitcoin is a real bet on [the future].”
Bitcoin In Myanmar No More: CBM Sees It As Liability
“Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed.’’
Bitcoin Trader From India Takes His Life After Losing His Investment
“DySP [Deputy Superintendent of Police] had come to my house to invest in five bitcoins. After incurring a loss due to slide in their value, Chirag and his brother Montu were demanding 11.575 bitcoins. I am distraught due to the recovery they are claiming. My life is not worth living. DySP Chirag Savani came to my house and threatened me to return the amount they had invested. I have been forced to commit suicide. The two brothers are responsible for my act.”The brothers demanded more than double of the bitcoin they invested as compensation. At the current prices, 11 bitcoin is worth about $92,000. According to Patel’s wife Usha, the bitcoin trader from India tried to reason with the brothers and make them accept the payment in installments. However, they wanted cash. Both of the brothers were demanding interest on the payment but the suicide note did not reveal the rate. After the slump of the crypto prices, the suicide rate became a huge issue in the sector. There has been a number of deaths related to suicide after losing an investment made in bitcoin. This is not surprising since this happens in the traditional financial markets as well. Suicides tend to grow when the market crashes. According to research that we read in the best cryptocurrency news sites, about 6,000 suicides are linked to the market crash especially the one ten years ago.
Tom Lee Thinks That Bitcoin’s $8,000 Upswing Confirms End Of Crypto Winter
“Hell of a bullish weekly close on #Bitcoin with near record breaking volume, solidifying the strength and validity of this rally.”Right now, Bitcoin looks like it is retracing below $8,000. However, this may be a short correction before a new upswing. Its dominance now sits at 57% and the total market cap is $244 billion.
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- Bitcoin In Myanmar No More: CBM Sees It As Liability
- Bitcoin Trader From India Takes His Life After Losing His Investment
- Crypto Regulators To Add New Strict Rules For Crypto Exchanges
- Tom Lee Thinks That Bitcoin’s $8,000 Upswing Confirms End Of Crypto Winter
- Crypto On WhatsApp: Send And Receive Bitcoin Litecoin As Of Today
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