Senior head researcher of Fundstrat Global Advisors (FGA) thinks Bitcoin still has enough potential left which can enable it to grow further. Aware of the present Bitcoin crisis, he says that massive dips have come and gone in the past as well and this time is no different. Bitcoin will regain what it has lost with a bang.
Thomas Lee who is the senior header researcher at FGA was interviewed by CNBA in which he answered questions on Bitcoin.
Lee has been well-known on Wall Street for being a skilled strategist whose experience spreads over 25 years. He was associated with JP Morgan as its Equity Chief Strategist and worked there for seven years.
When he was asked to give his thought about Bitcoin investment, he straightforwardly supported Bitcoin investment. The CNBC’s interviewer asked him whether he is aware that Bitcoin’s price has fallen down. He responded and said that indeed he is aware of that. However, he suggested that as per his analysis Bitcoin isn’t something that can be eliminated because of price reduction. In fact, since 2009, Bitcoin has seen so many dips and all of them had been overcome and Bitcoin excelled beyond them. As for the Bitcoin investment currently, he reiterated that if anyone wants to invest, then he or she shouldn’t wait. It is better to buy the dip and earn profits in a year or two.
He argued that volatility is there in Bitcoin since day one. He explained that it is usual for Bitcoin to recover its lost gains in two weeks’ time. So if anyone does not buy Bitcoins within these two weeks, then definitely he or she would lose the opportunity of earning profits. He then suggested that the recent dip was remorseful yet it is quite a usual event for Bitcoin.
In the past week, Lee also commented on the departure of Jack Dorsey from Twitter as its CEO. He believes that since Dorsey is now gone, the crypto market is bullish now.
Similar were the views of Barry Sternlicht, who is the head of Starwood Capital Group. When the Bitcoin dip occurred, Sternlicht commented that there is no need to worry about it. Bitcoin is worth more than a million-dollar and that is going to happen. He too suggested that weaker and deeper dips occur during the process when Bitcoin is moving upward.
The CEO of Microstrategy too made a comment on Bitcoin and said that people treat Bitcoin as a normal asset class. Instead, it is a unique asset whose market capital would be over 100 trillion dollars in the next five years. He insisted that investors shouldn’t be afraid. If they want to make profits, the time is ripe.
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, Microstrategy’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.