Thomas Lee, founding partner of Fundstrat Global, does not like to take sides in the BitCoin / Bitcoin Cash competition. But while keeping his feet on fire, Lee would bet on Bitcoin Cash with code number 1.
Bitcoin and Bitcoin Cash advocates have locked the better digital currency horns and it’s not surprising that Lee’s decision calls for a bitcoin price of $ 25,000 by the end of the year. Lee says to CNBC:
“When we look at crypto currencies like Bitcoin / Bitcoin Cash, I prefer not to choose winners and losers. I think both of them have value. But if I was investing a new job today, so a new dollar would be more interested in buying a delay that could potentially draw large flows from something that is already potentially overblown. ”
Earlier this month, CryptoCurrency fund manager Brian Kelly likewise had a headline to bet on Bitcoin Cash, the fourth digital currency based on the market cap, where Second Coming is the second for Bitcoin’s problems – features that take advantage of speed and cost. The price of Bitcoin Cash has risen in the last weeks with a hard fork planned for mid-May.
Lee noted that Bitcoin Cash is “overbought” and helped raise the price of the BCH, pointing to Kelly’s “new entry” in Bitcoin Cash’s “new entrance”, which pulled back the rally of BCH last week.
Lee, meanwhile, said BitCoin has hit the bottom, and in recent times it has become the institutional interest that “cryptography is the leading indicator of large money flows.”
Only yesterday, Thomson Reuters explained the results of the survey, which indicates that 20% of the financial institutions could start trading without credits this year, and as Fonstrat Lee observed.
“More and more customers are becoming very serious about how they want to be exposed to this asset class. And that’s why we’re talking to people you really do not think you’ll ever be interested in or you want to talk about crypto, “he said.
Blockinsider reported that in the course of the past days, Goldman is nearing the start of a proprietary CryptoCurrency trading desk with the addition of a CryptoCurrency merchant to lead Sachs’ digital asset platform. Fundstrat’s Lee says CNBC is a sign that crypto currencies have become “mainstream”.
Fundstrat’s Bitcoin Misery Index (BMI) now stands at around 47, after dropping below 20 at the beginning of this year. The higher the reading on the BMI, the cheerful the merchants are about the bitcoin. “Historically, the higher the BMI, the higher the price of bitcoin,” he said.