Fundstrat World Advisors’ managing accomplice Tom Lee says that he’s optimistic about the way forward for Bitcoin (BTC) after the crypto king has survived many challenges.
In a brand new CNBC “Squawk Field” interview, Lee says that Bitcoin’s skill to carry out nicely regardless of a regulatory crackdown signifies the digital asset is right here to remain.
“It’s fairly battle-tested this yr as a result of we had a few of the largest regulatory hammers come down on crypto and Bitcoin and it’s been bottoming. It’s discovered its backside.”
Lee additionally says that whereas the crypto house has seen some dangerous actors, extra conventional monetary gamers are taking their place, which might imply a brighter future for Bitcoin.
“There’s been kind of an exit stage left for lots of gamers, however then we’ve changed them with a few of the conventional gamers which have a variety of credibility just like the BlackRock and Citadels coming into Bitcoin. So I do assume there are causes to be optimistic.”
In keeping with Lee, miners are earning profits and Bitcoin is exhibiting “a variety of technical assist.”
He provides that Bitcoin is extra standard amongst millennials – an individual born between 1981 and 1994 – and they’re going to quickly inherit large quantities of wealth which is able to doubtless end in rising the variety of Bitcoin holders.
“It’s like a generational factor. I believe [gold] is kind of a child boomer factor and Bitcoin is extra millennials. However as we all know within the subsequent 20 years a variety of the wealth will probably be transferred to youthful people. There are solely 100 million world holders of Bitcoin.”
Bitcoin is buying and selling for $30,668 at time of writing, up 1.8% over the past 24 hours.
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