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Fundstrat Global co-founder Tom Lee’s thoughts on recent Bitcoin fall

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Bitcoin

Tom Lee is a cryptocurrency expert at Fundstrat Global Advisors. He’s made name for himself by correctly predicting all kinds of markets many times over. Earlier this year, Mr. Lee made waves in the cryptosphere when he forecasted Bitcoin’s price to end the year at $25,000.

Not too long ago, Mr. Lee appeared at CNBC’s “Squawk Box” to talk about Bitcoin and other crypto topics and if you missed it, in this article we will give you the gist of it.

The interview opened asking Mr. Lee about Bitcoin. That was unavoidable in the coin’s currently calamitous state and the hash wars with Bitcoin Cash. While the red numbers in the market seem apocalyptic to many, Mr. Lee explained that the outlook is not as bad for several reasons. First of all, Bitcoin is currently more of a commodity than an actual currency, so tragedy will hardly come up of the current low market.

He also explained that crypto has two main players: users and speculators and that users will ultimately dominate the market because there is a new wave of users coming soon in the form of institutions. New regulatory clarity will give institutional investors and users the confidence they’ve lacked so far to adopt Bitcoin (and many other digital assets), come into the game and make the market mature at last.

The interviewer asked Mr. Lee explicitly about Bitcoin’s price by the end of the year, because the current trends make the $25,000 mark seemingly unreachable. Mr. Lee agreed that it doesn’t look so hot right now but he still said that $15,000 by year’s end is reasonable. When he was asked why he said that many different things could make this happen. He wasn’t specific about what could those things be, but he was very confident nevertheless.

Bitcoin ‘seriously’ undervalued

He also explained that Bitcoin is currently seriously undervalued. In his estimation it takes $7,000 USD to mine a full coin so, being a commodity, it won’t stay under that price for much longer because commodities are never sold at prices that are under production costs. On further explanations, he said that as the world grows more digital every day, digital currencies can only become more relevant and accessible. That will make adoption easier, more common, and will rise value for the market.

When the interviewers insisted on describing the sorry state in the cryptosphere, Mr. Lee explained that it’s not as bad as it looks. XRP, for instance, is doing quite well and is quickly becoming a viable alternative for Bitcoin.

To take his point further, he compared how much money is moved around the world using Bitcoin and Paypal. Bitcoin’s piece of that market is superior by a factor of three, even as the price goes down. In his estimation, it will be six times bigger than Paypal in two years, more or less.

Next, he described resistance to digital assets as a normal feature of the generational gap.

During the interview, Mr. Lee was pressed to be a prophet of doom of sorts, but he never lost his ground. Not just around Bitcoin, his arguments on every point were rational, calmed and he offered data when it was needed.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 CNBC.

Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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