In a recent interview, Bitcoin [BTC] bull Tom Lee spoke about the cryptocurrency scenario right now and Bitcoin’s predicted behavior and price movement.
Speaking to CNBC, Lee, the Head of Research at Fundstrat, stated that he was pleasantly surprised by the stability of the cryptocurrency market and added that Bitcoin has reached its bottom. The financial analysts had made news earlier when he stated that the value of Bitcoin would break December 2017’s record and shoot up to an all-time high of $25,000. He said:
“Hitting 20k shouldn’t be a problem for Bitcoin looking at all the facts right now. The cryptocurrency is still in its nascent stages and the 50 million cryptocurrency wallets that exist right now are contributing to most of it. With the industry steadily growing, the number of wallets is obviously going to rise which will play a hand in the prices shooting up.”
During the interview, Lee went on to say that Bitcoin has been a low volume instrument which has beaten the market expectations of the emerging markets as well. The Fundstrat official also stated:
“ The relative performance of Bitcoin has been really good even though the EM stocks have fallen.”
Tom Lee painted the big picture while talking about Bitcoin’s performance in the market right now. He stated that the cryptocurrency market which is worth about $200 billion has been performing far better than the fiat market which is worth a whopping $90 trillion.
He was also confident about the fact that with the emergence of new platforms such as Bakkt and Fidelity’s cryptocurrency service, Bitcoin will achieve mainstream adoption. According to Tom Lee:
“Bitcoin should be able to easily break higher ground once people realize its fundamental benefits and use cases.”
Another factor that Lee pointed out was the emerging markets being highly oversold, making the cryptocurrency sector much more appealing. He also said that Bitcoin and its adoption will be given a boost if the United Stated Dollar weakens. In his words:
“Bitcoin is obviously pegged to the USD and if it weakens, it will act as a tailwind for Bitcoin.”
Tom Lee’s comments in the wake of a massive drop in the cryptocurrency market on 29th October saw the entire top 10 cryptocurrency club come under attack by the bear.