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Bitcoin [BTC] and other cryptocurrency price predictions are very difficult, says Tom Lee

Priya

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Bitcoin [BTC] and other cryptocurrency price predictions are very difficult, says Tom Lee
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Tom Lee, the co-founder of Fundstrat, who is well-known in the cryptocurrency community for his Bitcoin predictions, spoke about the whether or not he will continue to make predictions during an interview with Ran NeuNer for CNBC Crypto Trader. He also listed out the reasons as to why he is bullish on cryptocurrencies.

The interview began with NeuNer speaking about the past Bitcoin predictions made by both Lee and him, adding that they have “got a lot of price predictions wrong”. This was followed by NeuNer asking Lee whether he was still making predictions. To this, he said:

“No, we decided that it is very difficult to try to predict the price of crypto and digital assets 12 months forward. So, we are really talking more about, you know, the upside, downside and relative value but not trying to establish any price targets.”

Following this, Lee spoke about the current stage of currencies and the reason he was bullish on cryptocurrencies, stating that the market was still in its early days. He further stated:



“The best way to measure that is, let’s say crypto is really sort of transforming the financial system and one benchmark is visa because there’s five billion roughly five billion visa and card holders. there’s probably at most 50 million active crypto wallets today.”

Lee added that the cryptocurrency market still has a “huge amount of growth” ahead of it because the jump from 50 million to 5 billion would be massive in terms of the total number of users.

This was followed by Lee speaking about whether centralized institutions launching their own cryptocurrencies i.e., a stable coin, such as JP Morgan, and Facebook, were good for the crypto-economy. He said:

“Yeah. I think it’s a validation essentially of the proof of concept, you know, I think if you looked at institutions, you know financial institution views a crypto; they probably thought digital assets was a bad idea a couple years ago. Now, they’re launching their own permission blockchains. It’s really saying that cryptos onto something right”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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    Francis Erdman

    March 24, 2019 at 6:09 PM

    If LN becomes adopted this will drive up usage and hence BTC price, all the way up to around 400K or about the size of gold market capitalization, whereupon it will probably plateau there for, oh, a century at least. That is my prediction of the end game here. In other news, Tom Lee (and LTC generally) is a dead end.

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Bitcoin

Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions

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Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
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Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,



“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”





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