The bullish investor known for his positive outlook when it comes to Bitcoin and other cryptocurrencies, Tom Lee, is in the Bitcoin news today. Despite the fact that the past 12 months have not been easy for Bitcoin bulls, Lee believes that the price of the most dominant cryptocurrency could rally and hit ,000 eventually.
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The Wall Street strategist who predicted Bitcoin to reach $25,000 by the end of last year sticks to its BTC price forecast but drops the timeline. His latest dish of humble pie was served up as a courtesy of Stuart Varney, who interviewed him last Friday for the Fox Business Network.
When asked about whether he regretted making the Bitcoin price prediction last year, Lee said:
“Strangely, I just think that’s a good, fair value for bitcoin, but the timing of that’s going to be difficult,” Lee said (video above, comments start at 2:40), causing laughter to erupt throughout the Fox Business set. “Bitcoin has had 70 percent pullbacks four times already in its 10-year history, and it has recovered to new all-time highs every time. So to me, it’s resilient.”
He also added:
“[E]specially driven by millennials, and outside the US, there’s an interest in a digital currency, digital asset store of value that’s not traditional money.”
Seeing that Bitcoin’s failure to recover was a huge disappointment, Lee also explained that he had expected that Bitcoin would survive the crypto bubble pop since its fundamentals were much stronger than the ones of many dubious initial coin offering (ICO) tokens that had helped the pump of the market in late 2017.
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