THELOGICALINDIAN - On July 11 President Donald Trump tweeted that Bitcoin Facebooks Libra and all added cryptocurrencies are basically debris back compared to the US dollar Now Tom Lee has a acknowledgment
Bitcoin: A Store of Value or the Choice Asset of Criminals?
Earlier this anniversary the US Federal Reserve Chairman Jerome Powell fabricated media after-effects and rocked crypto Twitter back he appropriate that Bitcoin is a abstract abundance of amount that functions analogously to an advance in gold. President Trump, who is generally at loggerheads with the Federal Reserve, bound responded by tweeting that Bitcoin is not money and artlessly a abstract apparatus which is generally acclimated to facilitate crime.
Now, Fundstrat arch analyst and accomplice Thomas Lee has weighed in on the affair and according to him Trump’s cheep will accept the adventitious aftereffect of bringing added absorption to Bitcoin. Lee explained that Trump’s antipathy for Bitcoin, Facebook’s Libra and cryptocurrencies in accepted “makes the added 99% added aware” of Bitcoin and funny abundant Trump’s signature byword “Bad publicity is sometimes bigger than no publicity at all.”
All News is Good News
Bitcoin thrives from absorption whether it’s FUD or bullish account and Lee is assured that as cryptocurrency grows in acceptance and is added broadly captivated the macro affiliation of Bitcoin to bolt and acceptable markets will advance to a greater alternation amid cryptocurrency and the banal market.
According to Lee, this is not necessarily a bad affair as currently exchanges and a few massive wallets authority a huge bulk of crypto and this is why there is such agitated volatility. Lee believes that as added institutions appoint with cryptocurrency the amount and clamminess will increase.
Bitcoin Bullish on Trump Tweet But When Moon?
When questioned about the approaching of Bitcoin price, Lee was not shy about sharing his appraisal and explained that at the moment Bitcoin is trading aural a akin that it’s alone apparent 3% of its actual trading timeline. Lee again said that historically bitcoin has rallied 200 to 400% during the afterward 4 months and back activated to today’s’ amount activity this equates to a Bitcoin amount of $20,000 to $40,000 by Q4 of 2019.
Yahoo Finance host Zack Guzman again asked Lee to allotment his thoughts on $13,400 actuality a annealed attrition akin for Bitcoin and Lee said that currently it’s primarily retail investors and whales that barter crypto and technicians are abundantly important to this crowd.
Lee agreed that $13,400 was activity as a able concise attrition but again countered that in accounts there is no such affair as a amateur top and if this abstraction applies to Bitcoin again we can apprehend the agenda asset to bang through the attrition on its third attempt.
Later on his Twitter page, Lee did admit that there was one affair that could affectation a above hangup for Bitcoin and cryptocurrencies as a accomplished but realistically such an acute admeasurement is unlikely.
Do you anticipate Thomas Lee is actual about his Bitcoin prediction? Share your thoughts in the comments below!
Images via Shutterstock, Source via Bloomberg
