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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LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus
LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.
According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.
The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.
On the basis of the above data, Russia is indeed a positive LocalBitcoins market.
The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.
Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.
LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.
Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.
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