Bitcoin bull Thomas Lee, head of research at Fundstrat Global Advisors, is predicting another good year for the world’s most dominant cryptocurrency.
While Lee has gotten swept up in the unpredictability of making Bitcoin predictions, falling shy of his year-end price target for Bitcoin by the end of 2019, the analyst still believes the king coin is on track to make a big comeback.
Lee, whose comments came during a recent CNBC interview, says,
“2020 should be great for Bitcoin because you’ve got, number one, the halvening happening – the block rewards for miners getting cut in half. That’s a big supply demand change. I think last year the White House killed the Bitcoin rally, with their opposition, but with the presidential elections underway, it’s not going to be in the headlines.”
“This is bullish for Bitcoin. And then with geopolitical tensions in the Middle East, that’s good for crypto. So, there should be a lot of tailwinds. We’re getting a lot more interest in it as well from our clients.”
In October 2019, Lee said it wouldn’t take long before Bitcoin fully rebounds and reaches its all-time high of nearly $20,000.
“There aren’t a lot of assets that have survived the drop in value below 90%, but Bitcoin has survived again and again.”
With the Nasdaq closing at yet another new high, @fundstrat's Tom Lee gives his predictions for stocks and reveals what areas of the market he finds attractive pic.twitter.com/GAuw8CHE8h
— CNBC's Fast Money (@CNBCFastMoney) January 23, 2020