Perennial Crypto Bull Tom Lee: Bitcoin Still Has ‘Plenty of Room to Grow’, Only Bent not Broken
Perennial Crypto Bull, Tom Lee, Says Bitcoin Still Has ‘Plenty of Room to Grow’
Many people seem to have a strong love/hate relationship with Fundstrat’s head of research , Tom Lee, because of his outlandish claims regarding the price of Bitcoin and other premier assets. Over the years, the former JP Morgan managing partner has become a spokesperson for the crypto world, even appearing on many mainstream media outlets to showcase his optimism regarding the altcoin space.
With that being said, it is worth noting that since the start of this latest bear run, Lee has changed his short-term outlook for Bitcoin (quite drastically) but is still confident that the crypto sector as a whole will experience a “massive boom” in the long haul.
Tom Lee Talks About The Recent Market Crash
As many of our readers are probably already aware of, the last two weeks have seen the price of Bitcoin drop from a stable $6,200 to an annual low of around $3,400. While many analysts (including people such as Tone Vays) had been saying that such a fall was “imminent”, Bitcoin’s collapse was quite shocking to the investor community at large.
However, during an interview on BlockShow Asia 2018’s main stage on Tuesday, Lee came out all guns blazing and proclaimed that there were three primary disruptions that were causing the digital currency market to suffer. These included:
- The U.S.SEC’s (Securities and Exchange Commission) recent crackdown on a host of ICO projects and securities proposals.
- The recent BCH Divide saga
- The Meltdown of the macro traditional equities market,
In addition to all this, Lee also noted that as a result of the existing market conditions, many investors were falling victim to the idea that the crypto sector is now “beyond repair”.
Lee: “There Is Still A Lot Of Room For Bitcoin To Grow And Prosper”.
Talking at the aforementioned annual gathering, Lee emphasized to the audience at hand that Bitcoin is simply “bent and not broken” at this point. He also talked about Bitcoin’s long-term capabilities and how the technology possesses the ability to process nearly 2.5 times more transactions that Paypal at any given point.
Closing out his talk, the Fundstrat executive said that as things stood, BitMEX was poised to rake in a profit of around $1.2 billion all through 2018. These figures, if true, would instantly make BitMEX (a somewhat nascent crypto mercantile platform) into a more profitable financial entity than HKEX (Hong Kong Exchanges & Clearing) as well as Nasdaq.
While Bitcoin is not going to make a miraculous overnight recovery, Lee did make an interesting point when he said:
“We have a price correction taking place, which has caused the price to fall even below its 200-day MA, but if you’ve got time, it will rise. It will not happen within three months, or one year, but in two to three years, but this is the golden time to be in crypto. As soon as Bitcoin crosses its 200-day, we know there will be a flood of money coming.”