• Fundstrat Global Advisors’ managing partner Tom Lee says he is optimistic about the future of Bitcoin (BTC) after it has survived many challenges.
• Lee believes that Bitcoin’s ability to perform well despite a regulatory crackdown indicates the digital asset is here to stay.
• He also states that more traditional financial players are entering the crypto space, which could mean a brighter future for Bitcoin.
Tom Lee Calls Bitcoin Battle Tested
Fundstrat Global Advisors’ managing partner Tom Lee says that he is optimistic about the future of Bitcoin (BTC) after the crypto king has survived many challenges. In a new CNBC “Squawk Box” interview, Lee says that Bitcoin’s ability to perform well despite a regulatory crackdown indicates the digital asset is here to stay. “It’s pretty battle-tested this year because we had some of the biggest regulatory hammers come down on crypto and Bitcoin and it’s been bottoming. It’s found its bottom.”
cryptospace Seeing Traditional Players Enter
Lee also says that while the crypto space has seen some bad actors, more traditional financial players are taking their place, which could mean a brighter future for Bitcoin. “There’s been sort of an exit stage left for a lot of players, but then we’ve replaced them with some of the traditional players that have a lot of credibility like the BlackRock and Citadels coming into Bitcoin. So I do think there are reasons to be optimistic.”
Miners Making Money & Technical Support
According to Lee, miners are making money and Bitcoin is showing “a lot of technical support”. He adds that Bitcoin is more popular among millennials – a person born between 1981 and 1994 – and they will soon inherit massive amounts of wealth which will likely result in increasing the number of bitcoin holders. “It’s like a generational thing. I think [gold] is sortof ababy boomer thing and bitcoinismore millennials. But as we know in the next 20 years alotofthewealthwillbetransferredtoyoungerfolks.”
Bitcoin Trading Price & Optimistic Future
Bitcoin is trading for $30,668 at time of writing, up 1.8% during last 24 hours .Lee remains optimistic about BTC’s future saying “Thereareonly100millionglobalholdersofbitcoin.”
Daily Hodl Staff June 28 2023: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin cryptocurrency or digital assets Please be advised that your transfers and trades are at your own risk and any loses you may incur are your responsibility The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets nor Is The Daily Hodl an investment advisor Please note The daily hod participates in affiliate marketing