Fundstrat co-founder Tom Lee is convinced that the price of Bitcoin has not yet reached its peak.
Fundstrat co-founder Tom Lee is convinced that the price of Bitcoin has not yet reached its peak.
“It doesn’t mean that the situation is going to change today, but I don’t think it’s a ceiling,” he said during the latest episode of “Speak Up” with famous American investor Anthony Scaramucci.
Lee sees the recent Bitcoin price drop as a bear trap that could be a good buying opportunity. “I think we’re getting fooled by the April turmoil,” he added.
The price of Bitcoin has risen 5% in the last 24 hours to recover $62,000. This bounce came after the flagship cryptocurrency briefly fell to the $56,000 level on May 1.
As reported by U.TodayLee predicted that the price of Bitcoin could reach $150,000 in 2024.
Bitcoin is down 16.2% from its current all-time high of $73,737.
Why Bitcoin will never go to zero
Lee says Bitcoin is “without a doubt” a breakthrough in technology as it is “the purest form of trust.” He maintains that Bitcoin has a lot of utility because it is very secure. Just because people don’t buy coffee with Bitcoin at Starbucks doesn’t mean it’s not useful, according to Starbucks’ head of research.
The largest cryptocurrency also has a proven history as an asset, having been around for 15 years. “How many trillion-dollar markets have existed for 15 years and then disappeared? It’s never happened in history,” he asked.
Lee is convinced that the price of Bitcoin will not go to zero due to the large size of the market. Such a scenario would be unprecedented.
“There have been many attempts to dismantle Bitcoin… but ultimately, financial institutions are gradually starting to realize that it is actually a great solution. That is why BlackRock and others do not support it through Bitcoin ETFs in cash,” he added.
