Wall Street Bull Tom Lee: Bitcoin Price Is Beating New Round of FUD
The co-founder and head of research at Fundstrat Global says he’s sticking to his prediction that Bitcoin will hit $20,000 by the end of the year.
In a new interview on CNBC, Tom Lee points out that Bitcoin’s price actually climbed after two new rounds of fear, uncertainty and doubt hit the market.
“We’ve had some bad news this week. Two big setbacks, right? The SEC almost universally canceled nine [ETF] applications, and then China did essentially a re-ban because it sounds like they had to clamp down again on crypto – and Bitcoin’s actually rallied.”
Lee also talks about a potential leading indicator for BTC, outlining the impact that the MSCI Emerging Markets Index and hedge funds have on the market.
Last but not least, Lee breaks out the latest numbers on his company’s proprietary Bitcoin Misery Index, which is designed to gauge just how miserable Bitcoin hodlers are based on price and volatility.