Tom Lee said economic growth is needed for Bitcoin to grow

Tom Lee, co-founder of Fundstrat analytical agency, said investors buy bitcoin when they are confident in a stable economy and geopolitical situation.

In an interview with CNBC, the optimistic bitcoin said that the growth of the first cryptocurrency coincided with the best profitability of the S&P 500. According to Lee, bitcoin thrives when the index grows by more than 15% per year.

Bitcoin has fallen 12% from its June peak, and @Fundstrat 's Tom Lee says one unexpected thing could propel its next move higher. pic.twitter.com/tny5hDm6lw

– CNBC's Fast Money (@CNBCFastMoney) September 12, 2019

"The catalyst for the next growth will be a breakthrough of the stock market to new highs."

Co-founder of Fundstrat believes that Bitcoin is no longer a defensive asset, which many analysts consider it and what it was this summer.

Recall that in early August, Tom Lee said that the trade war between China and the United States will provide demand for bitcoin amid global risks.

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