Thomas Lee Sticks To His Guns With $25,000 Bitcoin (BTC) Price Prediction - Global Coin Report
Connect with us

Bitcoin

Thomas Lee Sticks To His Guns With $25,000 Bitcoin (BTC) Price Prediction

Published

on

Bitcoin

The market might be in the red, but if you have been in this crypto-verse since December, you know it will go back to being green in a matter of a few days. Perhaps this is why Fundstrat’s CEO, Thomas Lee, is still sticking to his guns with his prediction of seeing a $25,000 Bitcoin (BTC) by the end of the year.

Mr. Lee highlighted the attendance of the Consensus event back in May as an indicator of increased interest in blockchain technology as well as cryptocurrencies. Mr. Lee was quoted as saying:

“The notion of blockchain as a way to solve trust in the digital world has gained a lot of traction, especially out of Consensus. And what investors aren’t connecting is that you can’t necessarily just say ‘I believe in the blockchain.’ Bitcoin and cryptocurrencies are essential to how blockchains operate in the security.”

Mr. Lee went on to give 3 reasons as to why Bitcoin will reach the $25,000 mark. The reasons were:

  1. The cost of producing and replicating Bitcoin is almost equivalent to the current trading levels of the coin. This means that it will not deviate lower than the levels we are seeing now
  2. Institutional investors are keen on the industry and are possibly waiting to make an entry every day, albeit with uncertainty due to the lack of direction by regulators. Once this is cleared up, they will buy in quick
  3. Fundstrat, the firm he runs, has collected and compiled historical data about the prices and trends of Bitcoin that back his bold statements of a $25,000 price by the end of the year

However, the crypto-verse is currently experiencing some uncertainty after a flash crash left many traders baffled early Sunday morning. Even the price prediction by Mr. Lee might sound a bit skeptical this week.

Several theories have emerged with respect to the flash crash that occurred early Sunday morning in the crypto markets. One theory that has turned out to be true, is that popular South Korean exchange, CoinRail, was hacked. Estimates of the cost of the cyber ‘looting’ have been put at $40 Million worth of crypto. But the major blow came when the crypto-markets responded to the news. What then proceeded is a massive sell-off that managed to wipe out close to $20 Billion in the total crypto-market value in a time frame that was a few hours.

A second theory to the current market turmoil has been well elaborated by John McAfee via twitter when he said:

“Do not panic about the drop in Bitcoin’s price. It is an overreaction to the news that Bitstamp, Coinbase, itBit, and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don’t buy into the fear. Buy the coins.”

In conclusion, there is only one thing to do: and that is to remain calm as the markets find a footing once again.

HODL!

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Altcoins

3 Reasons Why WISE Token Could Be a Massive Winner in 2021

Published

on

WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

Continue Reading

Bitcoin

The Pros And Cons Of Cryptocurrency

Published

on

cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

Continue Reading

Bitcoin

As Global Tensions Grow, Bitcoin Price May Go Higher

Published

on

BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold. 

Continue Reading

Press Release