Tom Lee: Bitcoin (BTC) and US Dollar (USD) are Both Speculative, Why Hide The Fact?

Fundstrat’s Thomas Lee goes on the offensive in defending Bitcoin as being the only monetary instrument to be speculative in nature, hinting that 99% of USD activity is based on speculation too.

Many critics have agreed that the digital asset Bitcoin shouldn’t be used in making payments, as most of the time, it is used for speculation. However, Thomas Lee, who works for Fundstrat, is in disagreement with most of them. He said that, “even the US dollar is at times used to speculate”.

Only 1% of USD Is not Used for Speculation

Castle Island Venture, which is a venture capital firm, interviewed Tom Lee, who is currently the Head of Research and managing partner at Fundstrat Global Advisors. Lee had said on the latest podcast, for On the Bring, that only an insignificant fraction of the US dollar is used up in transacting goods and services. You can listen to the entire 54 minute interview here. Here is the intro for Thomas Lee for those who are not familiar with the bitcoin supporter:

Tom Lee, the Managing Partner and the Head of Research at Fundstrat Global Advisors joins the podcast. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served most recently as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney.

The other dollars are used in speculation for other assets, so it was not fair to discredit Bitcoin that it is only used for prediction. According to Lee’s thinking, the percentage of US dollars used for making payments is only 1%.

Lee added that the main objective of any store of value is to make money from other assets via speculations. Stablecoins like Libra wouldn’t be contented with only one function, which would be to make payments. Some stablecoins could be used as a store of value or to purchase Starbucks, but their main objective is mainly to speculate on other tokens.

Even markets such as bonds, real estate, and stocks are covered by price speculation. Therefore it would be unfair to single out Bitcoin.

Bitcoin has Inbred Worth

Lee disputed claims that cryptocurrency did not have intrinsic value.

The Financial Conduct Authority in the UK had warned investors against Bitcoin, and they claimed it had no inbred value in August. Lee argued that Bitcoin did indeed possess intrinsic value, and it came about from the cost incurred by miners in the production of the digital asset. He added that the digital asset is at its maturing stage and put in use by only a few of its owners.

Live Bitcoin (BTC) Price:

1 BTC/USD =$10,733.6010 change ~ -0.27%

Coin Market Cap

$198.47 Billion

24 Hour Volume

$28.86 Billion

24 Hour VWAP

$10.75 K

24 Hour Change

$-28.6612

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Daniel W
Daniel W
Daniel Wambugu writes daily cryptocurrency and blockchain related articles BitcoinExchangeGuide. His articles have appeared in numerous blogs, media publications, and community forums. He prides himself on once being a beginner and uses his experience to deliver high-quality insightful content for our dear readers. With a knack for reviewing ICOs or researching news, Daniel plans to continue being a top contributor for many years to come.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,484FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

Coinbase Wallet Targeted by New Trojan Malware Dubbed ‘Alien’

The Coinbase wallet is among 226 Android applications targeted by a recently discovered Trojan dubbed ‘Alien.’ This malware mostly targets the financial services space...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today