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Showing content with the highest reputation on 07/18/2018 in all areas

  1. 1 point
    Bitcoin bull Tom Lee, co-founder of Fundstrat Global Advisors, claims that his previous $25,000 forecast for Bitcoin by year’s end has not changed, although in a recent CNBC interview, he mentioned a price slightly higher than $20,000. Lee, the most popular Wall Street analyst known for forecasting the prices of Bitcoin, in Thursday evening’s CNBC “Fast Money” interview quickly clarified that he will stick to his $25,000 forecast. On Thursday morning, Lee stated on Squawk Box that Bitcoin has traded at 2.5 times its mining cost. Presently, its mining cost is $7,000 and rising, and by the end of the year, the mining cost will reach $9,000. Lee sets it right Lee, by Thursday afternoon, said the estimated mining cost indicates a price around $22,000, he then added that by the end of the year, the $25,000 price can be reached. He said that Investors do not need to quibble over a few thousand dollars since any price above $20,000 will be around 200% beyond current levels. On Friday morning, the price was around $6,600. The $6,600 price range takes bitcoin back to its April range, where it reduced from almost $20,000 at the close of last year. In May, the price peaked at $9,800, and since then, around 30% has been lost. Lee, who was chief equity strategist J.P. Morgan from 2007 to 2014, said blockchain and bitcoin represent a “multidecade story” that is still in its early stages. Lee said that back in 1990, he performed a wireless research and over 20 years, witnessed the convergence of both mobile and Internet. He said that there is little difference in Bitcoin’s current situation compared to the way an industry changes over time. Lee’s forecast falters Late in May, Lee said that because blockchain innovation was not slowing, and due to a market “sanity check,” market gains should have been triggered, even though there was a 10% loss in the broader cryptocurrency. Some of Lee’s earlier predictions have come to pass, like his prediction that: in the first quarter, the price of Bitcoin will be affected by tax selling pressure The unwillingness of institutional investors on account of regulatory uncertainty about bitcoin may not have been considered by Lee. At the time, he agreed that it will take time for developments such as regulatory clarity and improved custodial support, before an entry into the market by institutional investors.