Strategist Tom Lee Still Optimistic About Bitcoin While Wall Street Slowly Embraces Crypto

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Wed, 08/08/2018 - 07:53
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    A famed Wall Street bull Tom Lee is being confident that Bitcoin’s bearish trends won’t last long following the announcement about a new digital asset firm opening

Bitcoin (BTC) might have experienced a couple of bearish downticks during the last few days, but Wall Street still remains keen on the king of crypto. Fundstrat’s Tom Lee predicts Bitcoin’s big return while Intercontinental Exchange (ICE) has recently made an announcement about launching a new digital assets trading platform.

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Bitcoin’s comeback is upon us

While many fear that Bitcoin may take a nosedive below a physiologically important mark of $6,000, Tom Lee is certain that this cryptocurrency is not ‘broken.’

The famous Bitcoin bull points to the fact that BTC is gradually regaining its dominance, which is a good indicator that the current price is here to stay. However, the question remains whether Bitcoin price will be able to catch up with the rapidly developing crypto market.

Wall Street cozies up to crypto

Last week, the crypto community was also uplifted by the news about a new ICE-based company Bakkt, which is going to act as an open platform for trading and storing cryptocurrencies.

By forming partnerships with such heavyweights as Microsoft and Starbucks, Bakkt is poised to bring crypto adoption to a whole new level.

Furthermore, it would help to stabilize its price and boost investors’ confidence. Now, it is time for SEC to come up with federal regulations to make sure that traders are protected.

The industry is gaining legitimacy

One of the reasons behind Wall Street’s interest in Bitcoin might be its enhanced reputation. According to a recent US DEA report, only 10 percent of BTC transactions are somehow connected to illicit activities. Overall, the industry had experienced a huge 80 percent decrease in crime rates over the last five years.

However, in lieu of infamous ‘dark web’ criminals like Dread Pirate Roberts, there is a growing number of run-of-the-mill scammers who speculate on Bitcoin price.

Moreover, CryptoComes has recently reported how fraudsters lure investors in so-called ‘pump-and-dump’ schemes, which are considered illegal in any regulated market.

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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.

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