Fundstrat Global Advisors research chief says bitcoin still has “exponential growth ahead of it”. While acknowledging recent prices of the cryptocurrency, the strategist stressed that bitcoin has so far recovered its losses in short periods of time.
Bitcoin Still Has ‘Exponential Growth Ahead’
Fundstrat Global Advisors managing partner and chief research officer Thomas Lee spoke about the prospect for bitcoin in an interview with CNBC on Monday.
Lee is a Wall Street strategist with over 25 years of experience in equity research. Prior to co-founding Fundstrat, he was JP Morgan’s chief equity strategist from 2007 to 2014.
The Fundstrat strategist recommends investing in bitcoin, emphasizing that the cryptocurrency still has “exponential growth ahead,” as it becomes more dominant.
While acknowledging that the price of BTC has suffered a decline recently, he insisted it made more sense to keep the cryptocurrency volatile rather than trading the fluctuations. He explained:
Every year, bitcoin makes all its gains in 10 days and if you don’t own bitcoin during those 10 days, you decrease by 25% per year. For me, the kind of weekend massacre that happened, it’s painful but it’s pretty common.
Last week, Lee commented on the resignation of Square CEO Jack Dorsey as the CEO of Twitter. Fundstrat’s strategist sees Dorsey’s departure as bullish for crypto. He stressed that it is still the earliest days for the crypto space, not only for projects like Bitcoin and Ethereum but also “the amount of crypto stocks and businesses built around crypto”.
Lee is not the only one who sees an advantage over bitcoin. Billionaire Barry Sternlicht, chairman of Starwood Capital Group, said last week that bitcoin could be worth a million dollars per coin. Meanwhile, the CEO of Microstrategy sees bitcoin becoming a $ 100 trillion value class. Skybridge Capital founder says bitcoin will easily trade at $ 500K, prompting investors buy BTC right now.
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