Fundstrat Global Advisors’ managing partner Tom Lee says that he is optimistic about the future of Bitcoin (BTC) after the crypto king has survived many challenges.
In a new CNBC “Squawk Box” interview, Lee says that Bitcoin’s ability to perform well despite a regulatory crackdown indicates the digital asset is here to stay.
“It’s pretty battle-tested this year because we had some of the biggest regulatory hammers come down on crypto and Bitcoin and it’s been bottoming. It’s found its bottom.”
Lee also says that while the crypto space has seen some bad actors, more traditional financial players are taking their place, which could mean a brighter future for Bitcoin.
“There’s been sort of an exit stage left for a lot of players, but then we’ve replaced them with some of the traditional players that have a lot of credibility like the BlackRock and Citadels coming into Bitcoin. So I do think there are reasons to be optimistic.”
According to Lee, miners are making money and Bitcoin is showing “a lot of technical support.”
He adds that Bitcoin is more popular among millennials – a person born between 1981 and 1994 – and they will soon inherit massive amounts of wealth which will likely result in increasing the number of Bitcoin holders.
“It’s like a generational thing. I think [gold] is sort of a baby boomer thing and Bitcoin is more millennials. But as we know in the next 20 years a lot of the wealth will be transferred to younger folks. There are only 100 million global holders of Bitcoin.”
Bitcoin is trading for $30,668 at time of writing, up 1.8% during the last 24 hours.
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