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Bitcoin Is Here to Stay, Says Fundstrat's Tom Lee

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Tue, 12/22/2020 - 17:48
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Alex Dovbnya
Fundstrat's Tom Lee continues to sound bullish on Bitcoin
Bitcoin Is Here to Stay, Says Fundstrat's Tom Lee
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Tom Lee's streak of bullish Bitcoin predictions that earned him ridicule in the past years is finally translating into reality.  

Now, the co-founder of boutique research firm Fundstrat Global Advisors claims that the cryptocurrency is here to stay in the latest tweet.   

Lee was one of the very few pundits who accurately predicted that the U.S. equities would skyrocket from their March lows. This V-shaped recovery stunned almost everyone, but the prescient bull saw it coming. 

The analyst has been pounding the table on his bullish case for Bitcoin for years, but most of his earlier predictions spectacularly failed.         

For instance, Lee stated that Bitcoin would clearly hit $25,000 by the end of 2018. Instead, the flagship cryptocurrency endured one of its most brutal bear markets, collapsing to a multi-year low of roughly $3,200.            

He also predicted that Bitcoin could "easily" take out its all-time high when the cryptocurrency was red-hot in June 2019, but the crypto king saw a steep correction by the end of the year.         

Now that sophisticated investors and big institutions are finally coming off the sidelines, even Lee's most exorbitant predictions are pretty much in play. 

Earlier this month, Guggenheim CIO Scott Minerd claimed that Bitcoin was supposed to be trading at $400,000 because of its scarcity:

"It's based on the scarcity and relative valuation such as things like gold as a percentage of GDP."  

Related
Fundstrat's Tom Lee in Hot Water for Speaking at Anti-Bitcoin Conference

Getting Bitcoin exposure through the stock market 

In a recent series of tweets, Lee claims that investors can get exposure to Bitcoin through the stock market via such companies like Grayscale Investments, MicroStrategy, and Silvergate Bank. 

The number of public companies that are putting money into Bitcoin is growing at a rapid pace, with even Tesla CEO Elon Musk recently asking about mammoth Bitcoin transactions.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.