Fundstrat’s Thomas Lee appeared on CNBC Futures Now to make a bullish statement about the price of Bitcoin. He stood his ground on his previous prediction that Bitcoin would hit $25000 soon.
After Bitcoin crashed yesterday to below $8000, the outcome looked bleak for BTC HODLers. It is currently trading at around $7500, undoing the profits it made this year for a new low in 2018. Lee believes that the drop is due to “typical crypto volatility”, identifying three factors that will make his prediction come true.
While he did say that the charts are “pretty scary for folks”, he mentioned that the “notion of blockchain as a way to solve trust in the digital world has gained a lot of traction”.
The first of Tom Lee’s three factors is the cost of producing Bitcoin. He believes that it is trading at cost, with the cost of making Bitcoin being around $8000, unlike gold, which is being traded at double its extraction cost.
Lee also mentioned that he would keep an eye on institutional investors, believing that they would be one of the big catalysts in the crypto space.
“I think institutional investors have gained a lot of interest, and they haven’t really come into crypto yet because there is still some regulatory uncertainty, but that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why bitcoin rallies.”
Cryptocurrencies are still waiting on regulators to develop new frameworks to accommodate digital assets in the real world. Lee believes that a declaration for the side of cryptos would push Bitcoin into a rally.
He also went on to say that only 10 days comprise all the performance in one year of Bitcoin’s price. Without those 10 days, Bitcoin is only down by 25% in a year. He also said:
“So as miserable as it feels holding bitcoin at $8,000, the move from $8,000 to $25,000 will happen in a handful of days,”
Bitcoin is currently trading around the $7500 mark, after suffering a flash drop from $7918 to $7520. Twitterati commented, with user Yogesh saying:
“Is CME futures expiry got to do something with this fall?”
“Did it brake the lower trend or we are still in the hope situation?”
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Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content
Bitcoin [BTC], the largest cryptocurrency in the world has gained a lot of mainstream media attention over the years. However, most media houses have often failed to deliver the message to the masses, with the main reason being lack of research and knowledge of the subject. The cryptocurrency was thrown back into the spotlight after CBS released a teaser to their latest “60 Minutes” episode, unveiling a few influencers of the industry, speaking about their experience.
The episode, which released on 19 May 2019, immediately grabbed the attention of the cryptocurrency space, with a majority wondering whether the media channel would nail it or fail it. Interestingly, there was a poll conducted on Bitcoin Talk, where the question was ‘CBS 60 Minutes 5/19/19 on Bitcoin. Will it cause FOMO or FUD?’
60 Minutes, broadcast on the CBS Network is one of the oldest and most-watched American television programs, with the focus being “the real story on America’s most prevalent issues”. According to CBS, 60 Minutes has an average of 11.4 million viewers and about a million people who listen to its radio broadcast and podcast.
The show titled ‘Bitcoin’s Wild Ride’ aired hours ago, and covered the story of Charlie Shrem, the founder of BitInstant, Laszlo Hanyecz, the famous pizza guy who is recognized as the first person to make a real-world transaction with Bitcoin, and Marco Streng, the CEO of Genesis Mining. The segment also had Neha Narula, the Director of Digital Currency Initiative at MIT Media Lab, answering questions pertaining to the coin, and Lael Brainard, a member of the US Federal Reserve, speaking about why not Bitcoin.
The show was briefly explained by a Redditor, EternitySphere,
Unlike other mainstream Bitcoin segments, this segment was well-received by the Bitcoin community after a majority agreed that it did not spread FUD and that it was an unbiased episode, contrary to expectations. However, there were few concerns pertaining to a lack of content, with some believing that it failed to explain key information; which includes how it derives it value, albeit there was no FUD.
Franky1 commented on Bitcoin Talk,
“[…] next was the whole describing mining segment involving genesis mining.(facepalm) ASIC’s do not store records(asics have no hard drive).. so saying the mining done by genesis is the location where records are kept can be misguiding people to think genesis mining are ‘the bank’ and user software just ‘watches the numbers and letters'[…]”
Rdbase also remarked on the Bitcoin forum,
“The whole segment was about charlie shrem known as bitcoin moses and his fall into bad luck with taking a payment which was used to buy illegal things on the dark web. It did have some good points but overall it was just directed towards the public view about it. As a skeptical thing to use and banks were safer with its fiat financial system”
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