Wall Street’s Crypto Evangelist Tom Lee Says Bitcoin Is Best Bet In Tough Market
Tom Lee is known as one of Wall Street’s biggest bitcoin optimists. As the cryptocurrency hovered around $3,500 in September 2017, he predicted that bitcoin would be “your best investment until the end of the year.” That was three months before bitcoin rocketed above $19,000.
Now, Lee sees bitcoin’s recapturing of market share as a comforting sight as an inventor. In a recent interview with with CNBC’s Fast Money, the Fundstrat Global Advisors' managing partner said:
“The news that we have seen, from the SEC saying bitcoin's a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market.”
Lee was referring to the US Securities and Exchange Commission (SEC).
SEC leaders have publicly labeled bitcoin as a commodity and in June made it clear that cryptocurrencies would not be treated like securities, which offers a peek at how the agency might seek to regulate them. The Intercontinental Exchange on Friday announced a partnership with major companies, including Starbucks and Microsoft, that will aim to create an open and regulated digital asset ecosystem. Crypto enthusiasts say this development could help legitimize bitcoin.
Although Bitcoin may not be reacting outright to the news, Lee can see signs of its return. Most notably at the beginning of 2017, bitcoin claimed about 80 percent of the overall cryptocurrency market. About a year later, by January, when the crypto market was peaking, bitcoin's market share has dropped to only about 36 percent. However, it went on to creep up for the rest of the year In the past couple of weeks, bitcoin's market share has soared to its highest level all year to around 48 percent.
Earlier this week, Tom Lee’s market strategy and research providing firm Fundstrat Global Advisors, started accepting BTC via BitPay. End of last month, Lee made a bold prediction by saying that BTC has hit rock bottom and now it's a uphill ride. A few days back Lee appreciated Starbuck’s Bakkt as a ‘very big deal’ for crypto adoption.