Fundstrat Global Advisors’ head of research says bitcoin still has “exponential growth ahead” of it. The strategist acknowledged the recent price swings in cryptocurrency but stressed that bitcoin has sofar regained all its losses within a short time.
Bitcoin Still Has ‘Exponential Growth Ahead’
Fundstrat Global Advisors’ managing partner and head of research, Thomas Lee, talked about the outlook for bitcoin in an interview with CNBC Monday.
Lee has more than 25 years experience as a Wall Street strategist and equity research analyst. Prior to co-founding Fundstrat, he was J.P. Morgan’s chief equity strategist from 2007 to 2014.
The Fundstrat strategist recommends investment in bitcoin, emphasizing that the cryptocurrency still has “exponential growth ahead” as it becomes more mainstream.
He acknowledged that BTC’s price had fallen recently but argued that it was more sensible to trade fluctuations and hold on to the currency. He explained:
Every year, bitcoin makes all of its gains in 10 days and if you don’t own bitcoin for those 10 days, you are down 25% a year. To me, the kind of weekend massacre that happened, it’s painful but it’s pretty common.
Lee posted last week a comment on Square CEO Jack Dorsey being removed as Twitter CEO. The Fundstrat strategist sees Dorsey’s departure as bullish for crypto. He emphasized that it is still the earliest days for the crypto space, not only for projects like Bitcoin and Ethereum but also “the amount of crypto equities and businesses built around crypto.”
Lee isn’t the only person who sees a positive side to bitcoin. Barry Sternlicht of Starwood Capital Group was a billionaire and said this week that bitcoin could have a value of a million dollars. Meanwhile, Microstrategy’s CEO sees bitcoin becoming a $100 trillion asset class. Skybridge Capital’s founder claims bitcoin can easily trade for $500K and urges investors to invest in BTC now.
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