Sunday, August 25, 2019

Tom Lee Says Bitcoin is Resilient and Will Eventually Get to $25,000

Tom Lee, Fundstrat Global Advisors founder in an interview with Fox Business Network on January 25, stated that Bitcoin is Resilient. Therefore, the cryptocurrency will eventually get to a price of $25,000, and all that will take is time. According to Lee, Bitcoin has the habit of creating an all-time high each time it underwent a major dump in price.

Does Lee Regret His Prediction for the Previous Year

Tom Lee, while in an interview with Stuart Varney of Fox Business Network was asked if he regretted predicting that by December 2018, Bitcoin will hit $25,000. The founder responded by saying, “Strangely, I just think that’s a good, fair value for bitcoin, but the timing of that’s going to be difficult.

However, the Wall Street strategist pointed out that the inability of the digital asset to recover was a disappointment. He further said he had expected Bitcoin to stand strong despite the market’s falling rates. This is because the virtual currency has more solid fundamentals in comparison to some ICOs.

Bitcoin’s Past Performance Shows a Major Comeback

Nevertheless, Bitcoin’s performance in the past showed that each time it fell considerably, it still made a major comeback to reach an all-time high, Lee said.

In his own words:

Bitcoin has had 70 percent pullbacks four times already in its 10-year history, and it has recovered to new all-time highs every time. So to me, it’s resilient.

Asides Lee’s remark, Bitcoin’s price as at press time, was around $3,429. Comparing this to it was $20,000 all-time high in December 2017, this is over an 80 percent loss in value. Moreover, this digital asset’s price has pulled down several other coins in the market with as many falling as low as over 90 percent from what was obtainable in 2017.

Related Article:  Lightning Network Achieves Milestone Numbers

Thomas Lee is Still Positive About Bitcoin’s Price

Despite these results in the past year, Lee has still stood his ground that there are still potentials for the asset. BTCNN on January 5 also reported of the founder’s remarks while in an interview with CNBC on November 20. According to him, Bitcoin will still be relevant, and the next adoption stage will include institutional funding.

Like the founder, many others in the industry have made positive predictions about Bitcoin. BTCNN on January 7 informed of Weiss rating report, which says Bitcoin will see an all-time-high in 2019. Moreover, the digital coin will remain a store of value this year, and many other cryptocurrencies that were unheard of will see a new all-time high, they added.

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