“Bear Markets Are A Golden Time To Be In Crypto” Says Fundstrat’s Tom Lee
“Bear Markets Are A Golden Time To Be In Crypto”, Fundstrat’s Tom Lee Affirms
The cryptocurrency market may be facing tough times but some crypto bull simply cannot put their optimism aside. Tom Lee, the co-founder of Fundstrat Global Advisors, is one of these people. He’s a major Wall Street crypto bull and, during a recent speech at BlockShow Asia 2018, he affirmed that this is the “golden time” to be in the crypto space.
You might be thinking “yeah, right” with a sarcastic face right now, but you should at least see his arguments before you dismiss it.
Tom Lee has defined three main reasons behind the price collapse of Bitcoin. The first one was the disaster that was the Bitcoin Cash (BCH) hard fork and everything that involved it, the second one are the regulatory actions from the U. S. Securities and Exchange Commission (SEC) to force many Initial Coin Offerings (ICOs) to give money back to the original investors.
Finally, the third condition, as Lee affirmed, is simply that the global markets are in a bad shape right now and they are at least 10% down in the last 30 days. One could add that the fact that Bitcoin acted as a bubble at the end of 2017 and that it still lacks regulation may be affecting the greater bear market during the whole year, too.
A Positive Future For Cryptos
However, as any incredibly optimistic bull, Tom Lee refuses to see the situation as something catastrophic. According to him, there is a price correction taking place, which made the prices fall they are further in 200 days. However, Bitcoin will go up again.
He is not that much optimistic, though, as he does not believe that Bitcoin will go back to its former glory in three months or even a whole year. The timeframe which he is using states that it is more likely that Bitcoin will take two or even three years to go back up again.
He has also affirmed that the best time to buy is during the bear market. Bitcoin may be an emerging asset and have its downsides, he affirmed, but the important fact is that it will survive and that this is the time to buy it if you want really great profits on about two or three years.
During his speech, Tom Lee affirmed that Bitcoin only has about 50 million active wallets while PayPal has 2.27 million accounts and Visa and MasterCard have 4.6 billion. He also affirmed that one Bitcoin could be worth $10 million USD in ten years.
While the coin may decline harshly in the next three months, he believes that there is a great chance that Bitcoin will do very well in the far future and that companies like Microsoft and Starbucks are starting to adopt the crypto technology, so it may cause the Bitcoin prices to be dramatically higher in the future.
In fact, Bitcoin went up 8% today, November 28, and started to trade over the $4,000 USD mark again, so the trends may be up again.
It is important to notice that just a few days ago Tom Lee was affirming that Bitcoin would finish the year at $15,000 USD, a prediction that seems impossible now without an spectacular bull run. It seems that while his words may calm down the Bitcoin community about the uncertainty of the future, they are often exaggerated, so take them with a grain of salt.