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Fundstrat's Tom Lee Says Elon Musk's Market-Moving Tweets Show That Bitcoin Needs to Evolve Further

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Mon, 06/14/2021 - 05:03
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Alex Dovbnya
Permabull Tom Lee claims Bitcoin is yet to mature
Fundstrat's Tom Lee Says Elon Musk's Market-Moving Tweets Show That Bitcoin Needs to Evolve Further
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Elon Musk’s market-moving tweets show that Bitcoin is not mature enough, according to Fundstrat’s analyst Tom Lee.

In a recent tweet, the famed permabull also claims that the cryptocurrency’s sensitivity to the actions of one individual proves that institutional investors are not there since their impact on the market “is very small.”   
 
As reported by U.Today, Shark Tank’s Kevin O’Leary recently opined that institutions were yet to get into Bitcoin because of environmental issues:    

Lee expects Bitcoin’s volatility to dampen when the share of sophisticated investors becomes bigger.   

Related
Elon Musk Reveals When Tesla Will Resume Allowing Bitcoin Payments

He did it again

After taking a break from cryptocurrency tweets, Musk went back to his old ways yesterday.

The Tesla CEO took to Twitter to announce that the e-car manufacturer will resume Bitcoin payments when its share of green energy reaches 50 percent.

Bitcoin miners’ reliance on fossil fuels was the reason behind Tesla suspending Bitcoin payments last month.

The cryptocurrency soared to $39,838 following Musk’s most recent tweet.

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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.