• Fundstrat Global Advisors’ managing partner Tom Lee is optimistic about the future of Bitcoin (BTC) despite its regulatory challenges.
• He says that Bitcoin is battle-tested and has found its bottom, and that traditional players like BlackRock and Citadels are coming into Bitcoin.
• Millennials are taking an interest in Bitcoin, and this could lead to more wealth being transferred to younger folks in the next 20 years.
Tom Lee Calls Bitcoin Battle Tested
Fundstrat Global Advisors’ managing partner Tom Lee says that he is optimistic about the future of Bitcoin (BTC) after the crypto king has survived many challenges. In a new CNBC “Squawk Box” interview, Lee says that Bitcoin’s ability to perform well despite a regulatory crackdown indicates the digital asset is here to stay. “It’s pretty battle-tested this year because we had some of the biggest regulatory hammers come down on crypto and Bitcoin and it’s been bottoming. It’s found its bottom.”
Reason for Optimism
Lee also says that while the crypto space has seen some bad actors, more traditional financial players are taking their place, which could mean a brighter future for Bitcoin. “There’s been sort of an exit stage left for a lot of players, but then we’ve replaced them with some of the traditional players that have a lot of credibility like the BlackRock and Citadels coming into Bitcoin. So I do think there are reasons to be optimistic.”
Miners Making Money
According to Lee, miners are making money and Bitcoin is showing “a lot of technical support”. He adds that Bitcoins popularity among millennials will likely result in increasing number of holders as they inherit wealth from older generations. “It’s like a generational thing. I think [gold] is sort of a baby boomer thing and bitcoin is more millennials… There are only 100 million global holders od bitcoin.”
Bitcoin Price Action
Bitcoin is trading for $30668 at time of writing, up 1.8% during last 24 hours .
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