Fundstrat’s Thomas Lee Considers Grayscale Bitcoin Trust Running Up In Value With BTC Price
- Grayscale Bitcoin Trust could grow and expand if Bitcoin surges
- The popular digital currency could soon surpass $10,000
- The co-founder of Fundstrat Global Advisors, Thomas Lee, considers that the Grayscale Bitcoin Trust (GBTC) could surge if Bitcoin continues growing in the near future. He considers this is due to Fear of Missing Out (FOMO), which could help Bitcoin reach $40,000 in the near future.
Grayscale Bitcoin Trust And Bitcoin Could Surge
As recently released by Bloomberg, Fundstrat’s latest report suggests that a higher Bitcoin price is currently being supporter by market transparency and integrity. With a growing Bitcoin price, GBTC is expected to follow the trend.
Thomas Lee considers that FOMO would start in the market if the digital currency surpasses $10,000 in the near future. This is expected to also fuel higher returns in GBTC.
— Thomas Lee (@fundstrat) June 18, 2019
At the moment, Grayscale’s GBTC is traded around $11.66 in the OTC market, according to CCN. The trust is currently being traded at the same levels seen almost a year ago. There were many catalysts that helped increase awareness and that allowed its price to expand.
Grayscale works in order to make it easier for investors to gain exposure to Bitcoin and the whole crypto market. The capital inflows of the firm are directed toward the Bitcoin trust. The market is currently expecting Bitcoin price to surge before and after the halving event that is going to take place as soon as in May 2020. This could be a catalyst for Bitcoin price to reach new highs.
Currently, each Bitcoin is being traded around $9,100 an it has a market capitalization of $161 billion, according to CoinMarketCap.