Tom Lee, a managing partner at Fundstrat Global Advisors, is bullish about Bitcoin’s (BTC) future after the crypto king survived numerous storms.
Lee argues that Bitcoin’s continued success despite governmental scrutiny proves the cryptocurrency will remain in circulation in a recent “Squawk Box” interview with CNBC.
This year has been a year of testing for crypto and Bitcoin as some of the most excellent regulatory hammers have been dropped on the industry, and it has been bottoming out. It has reached rock bottom.
Lee adds that although there have been unscrupulous actors in the crypto area, more established financial companies are entering the market, which may bode well for Bitcoin’s long-term prospects.
“Many investors have decided to leave the Bitcoin market, but more established firms like BlackRock and Citadel have filled their absence. There are positive signs I can see.” Lee claims miners generate money and that Bitcoin has “a lot of technical support.”
He also notes that millennials (those born between 1981 and 1994) are more inclined to invest in Bitcoin than older generations since they stand to inherit large sums of money in the near future.
“It is a matter of generations. Gold is more of a generation x thing, while Bitcoin is more of a gen y thing. However, it is common knowledge that the following generation will get a significant portion of the money. Only around 100 million people throughout the world have Bitcoins.” As of this writing, the price of one bitcoin is $30,668, an increase of 1.8% in the previous 24 hours.
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