The Ethereum Classic [ETC] summit held on 12th and 13th September saw Tom Lee of Fundstrat talk about how we are almost at the end of the bearish market and also about the impact of millennials in the propagation of cryptocurrencies.
The financial analyst talked about the analysis that he had conducted on the 2008 market crash when he was still working at JP Morgan. He said that a pattern that he and his team noticed was that the bearish market always takes the prices back to the point from where the bullish surge started. He also drew extrapolations to the Great Depression, another seismic event that shook financial markets to its foundations.
Lee stated that he had put his analysis to the test in 2008, predicting that the bearish market would end by May 2009, which was accurate. He went on to say that the current market crunch felt by all the cryptocurrencies was just the market taking the value of cryptocurrencies back to its value before the massive spike in December 2017, which saw the cryptocurrency hit record highs. According to him, the current hold of Bitcoin above the $6000 mark is safe and that it is a marker for better things to come.
At the time of writing, Bitcoin [BTC] was rising at a rate of 2.16% and was trading at $6463.13. The cryptocurrency held a market cap of $111.599 billion with a 24-hour market volume of $4.323 billion.
The Co-Founder of Fundstrat stated that once the institutional investors venture into the realm of cryptocurrencies, the market will become bullish again, driving its case for mass adoption. Tom Lee then touched upon how generations drive markets citing examples of the great depression, the crash of the ‘80s, the dot-com bubble burst and finally the crash of 2008. He said that just as the ‘boomers’, a term for people born before 1980, controlled the finances up until now, millennials will be the ones carrying the baton next.
Lee made his observations that millennials will control the cryptocurrency market after showing the audience reports that linked millennials with banks. He quoted a report that showed that a majority of the millennials do not trust the banking sector and would rather prefer a decentralized method of transaction. Another study showed that credit card usage across banks was mostly done by millennials with the usage by other user groups slowly declining. Tom also said that the lack of trust in banks is because most of the money in most countries is controlled by two or three banks at the most.
Tom Lee is one of the most famous Bitcoin bulls in the market, with his statements almost always bullish. He was also in the news recently after he had stated that Bitcoin can hit the $25000 mark before the end of this year.