Fri, 3/05/2024 – 18:35
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Fundstrat co-founder Tom Lee is convinced that the price of Bitcoin has not peaked yet.
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“It doesn’t mean that it’s going to turn around today, but I don’t think that this is a top,” he said during the latest episode of “Speak Up” with famed American investor Anthony Scaramucci.
Lee sees the recent Bitcoin price plunge as a bear trap that could be a good buying opportunity. “I think that we are kind of being fooled by the April turmoil,” he added.
The Bitcoin price has surged 5% over the past 24 hours to reclaim the $62,000. This bounce came after the flagship cryptocurrency briefly plunged to the $56,000 level on May 1.
As reported by U.Today, Lee predicted that the price of Bitcoin could reach $150,000 in 2024.
Bitcoin is down 16.2% since its current all-time high of $73,737.
Why Bitcoin will never go to zero
Lee says that Bitcoin is “certainly” a breakthrough in technology since it is “the purest form of trust.” He argues that Bitcoin has a lot of utility because it is so secure. The fact that people do not buy coffee with Bitcoin at Starbucks does not mean that it is not useful, according to the head of research at Starbucks.
The largest cryptocurrency also has a proven history as an asset since it has been around for 15 years. “How many trillion-dollar markets have been around for 15 years and then disappeared? Never happened in history” he asked.
Lee is convinced that the price of Bitcoin is not going to go to zero due to the sheer size of the market. Such a scenario would be “unprecedented.”
“There have been many attempts to dismantle Bitcoin…but ultimately financial institutions are starting to gradually realize that it’s actually a great solution. That’s why BlackRock and others are not supporting it through spot Bitcoin ETFs,” he added.
