Fundstrat Global Advisorsâ€™ head of research says bitcoin still has â€œexponential growth aheadâ€ of it. While acknowledging recent price swings of the cryptocurrency, the strategist emphasized that bitcoin has so far regained its losses in short periods of time.
Bitcoin Still Has â€˜Exponential Growth Aheadâ€™
Fundstrat Global Advisorsâ€™ managing partner and head of research, Thomas Lee, talked about the outlook for bitcoin in an interview with CNBC Monday.
Lee is a Wall Street strategist with more than 25 years of experience in equity research. Prior to co-founding Fundstrat, he was J.P. Morganâ€™s chief equity strategist from 2007 to 2014.
The Fundstrat strategist recommends investment in bitcoin, emphasizing that the cryptocurrency still has â€œexponential growth aheadâ€ as it becomes more mainstream.
While acknowledging that the price of BTC suffered a decline recently, he insisted that it made more sense to hold the cryptocurrency through volatility rather than trade the fluctuations. He explained:
Every year, bitcoin makes all of its gains in 10 days and if you donâ€™t own bitcoin for those 10 days, you are down 25% a year. To me, the kind of weekend massacre that happened, itâ€™s painful but itâ€™s pretty common.
Last week, Lee commented on Square CEO Jack Dorsey stepping down as the CEO of Twitter. The Fundstrat strategist sees Dorseyâ€™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 â€œthe amount of crypto equities and businesses built around crypto.â€
Lee is not the only one who sees an upside to bitcoin. Billionaire Barry Sternlicht, the chairman of Starwood Capital Group, said last week that bitcoin could be worth a million dollars a coin. Meanwhile, Microstrategyâ€™s CEO sees bitcoin becoming a $100 trillion asset class. Skybridge Capital founder says bitcoin will easily trade at $500K, urging investors to buy BTC right now.
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