Fundstrat’s Tom Lee Grilled by Fox News Anchors Over Infamous $25,000 Bitcoin Price Prediction
In a recent interview with Fox’s finance team, Fundstrat co-founder Tom Lee was asked to talk about the current state of the traditional stock market sector as well as the future of the cryptocurrency industry.
However, not long into the conversation, the hosts of the show brought up Lee’s now infamous “$25,000 by the end of 2018” Bitcoin price prediction and asked how he managed to get things wrong by such a huge margin.
Addressing the matter, Tom Lee said that the “proliferation of the ICO market” was one of the primary reasons for the encountered inaccuracy. With that being said, he did go on to add that as and when the market turns bullish again, it would not be surprising to see BTC scale up to around “$25k once again”.
Lee: “2018 Did Not Pan-Out as Expected”
Tom Lee’s name is known to anyone who is even remotely interested in the field of crypto technology — since in the past he has made a number of outlandish predictions regarding the future of premier altcoins such as BTC, ETH etc.
However, his most famous prediction was probably the one where he claimed that Bitcoin would reach a price-point of around $25,000 by the end of 2018. This claim was reasserted by him a fair few times before he changed his tune and said that the premier asset would only be able to scale up to $20,000 by the end of the year.
As we all know by now, none of the above mentioned price calls have come to fruition and that most of the enthusiasm displayed by crypto-bulls like Lee (in the past) has started to wane off a little bit.
During his aforementioned television appearance on Fox Business, Lee was quoted as saying that the past 12 months had been a huge disappointment for the altcoin industry, since a certain economic stagnation had started to set in within this ever-growing market.
In addition to this, he also mentioned that the ICO mania of 2017 had not been able to sustain itself — as a result of which many moneyed players had started to exit the market prematurely.
“We thought Bitcoin would survive that. It didn’t. It got sold off with the rest of the market.”
While talking about the future of Bitcoin, Lee once again reiterated that he was
“absolutely certain” that the premier cryptocoin would once again rise up to its former ATH. He elaborated on his stance by saying that BTC had already experienced “pullbacks of more than 70% four times in its past before moving to its previous all-time highs”.
If that wasn't enough, he then mentioned that in the months gone by, the global investor community had been looking for an asset class that was “uncorrelated to traditional markets”.
“There is an interest in digital currency, digital asset, store of value that’s not traditional money.”
How the future of Bitcoin plays out is anyone’s best guess, however, moving forward lets hope the market at large continues to recover and find more stability.