Financial analyst and co-founder of Fundstrat Global Advisors Tom Lee (Tom Lee) still adheres to his forecast of $ 15,000 for Bitcoin by the end of 2018. He stated this in the program Squawk Box on CNBC.
At the same time, Lee acknowledged that on the crypto-marketplace “definitely” there was a “negative development”, which indicates a decrease in the impetus to growth.
Nevertheless, he believes that institutional investors “did not necessarily suffer” because of recent market movements, despite the sharp drop in Bitcoin prices to $ 4,250. In this regard, Lee stressed the crucial role of institutional participation in the industry, arguing that this part of the market will trigger a new wave of Bitcoin adoption.
According to the analyst, there are two factors that will contribute to increasing interest in cryptocurrency on the part of institutional investors. First, this is the upcoming launch of the Bakkt platform, which is scheduled for January 24, 2019.
Secondly, financial institutions will increasingly be involved in the market as regulation improves.
“When we get this regulatory clarity, organizations will feel more comfortable with the stakes ,” Lee said.
In this regard, the analyst noted that bitcoin is not necessarily a valuable asset and that it may be worth considering as a commodity.
Recall that last week Tom Lee cut his forecast for Bitcoin prices to $ 15,000 by the end of 2018. The reason for this was the sharp drop in the crypto market, which began on November 14 .
