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Bitcoin [BTC] has already proved itself in the market, Fundstrat’s Tom Lee tells why

Priyamvada Singh



Bitcoin [BTC] has already proved itself in the market, Fundstrat's Tom Lee tells why
Source: Pixabay

On 12th August, a cryptocurrency channel on YouTube broadcast an interview with Fundstrat’s Head of Research, Thomas Lee. The interview was taken during the Hybrid Bitcoin and Cryptocurrency conference, recently held in Bangkok, Thailand and carried a general discussion on the cryptocurrency space, especially Bitcoin and the market.

On being asked about the significance of qualitative factors in terms of current market maturity, Tom Lee opinionated saying that it is difficult to use qualitative methods to measure projects in the cryptocurrency space. This, he stated, was because the cryptocurrency space is still in the early development stage and does not have a huge number of winners and losers. He added:

“…for instance what we found is the correlation and we tracked 50 currencies cross-correlations. It’s incredibly high, which means, for the most part, the market trades with each other, you know they move in the same direction. But we’ve attempted to sort of provide some insight by sectorizing the market.”

Subsequently, Fundstrat makes all these research reports free for the public to download and view, stated the Head of Research. This is to enable people to learn about ways to track the market. Tom Lee believes that the one project that has really stood the test, across nine years, is Bitcoin. He justified his point by citing some of the big players. He said:

 “…because you know what people forget is Netscape and Yahoo were founded roughly the same year as Amazon and Netflix. Okay so FANG [Facebook, Amazon, Netflix, Google], there’s FANG and then there’s the failed FANG which is Yahoo and Netscape. It took less than seven years for both to fall to the wayside.”

Tom Lee also mentioned that Yahoo has not failed but it is also no longer dominant. Lastly, he stated that nine years in the cryptocurrency markets is an equivalent of thirty years in the traditional markets. Hence, this is why the researcher believes that Bitcoin has won the markets and proved itself.

Regarding the correlation of Bitcoin to the stock market, Tom Lee said that there is a high probability that Bitcoin will remain uncorrelated. However, the cryptocurrency space will become correlated, according to Tom Lee. In his words:

“Crypto will become correlated because securitization or tokenizing traditional assets is probably going to be a very big growth area… So you may have fractional Apple, fractional oil and I think that those securities will obviously be quite correlated with public markets.”

He concluded by stating that Bitcoin is a store value, therefore, the fact that it has a low correlation to the equity market is justified.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly



Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,

“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.

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