Bobby Lee: bitcoin price will reach $60 000 in the coming years
The BTCC co-founder Bobby Lee and analyst Fundstrat Global Advisors Tom Lee expect that by 2020 the price of BTC will be able to reach the level of $ 60,000.
In his Twitter, Bobby Lee wrote the following:
When bitcoin will reach 60 thousand dollars in the coming years, its total working capital cost $ 1 trillion dollars. For the first cryptocurrency that will be a great achievement and will lead to stabilizing prices, higher global liquidity and the more rapid dissemination on a global level.
On the background of another failure of the SEC to launch a bitcoin ETF and a growth in the number of short positions on the largest digital currency in the course of this week, the rate of BTC has demonstrated stability. At the same time, China also tried to exaggerate and to continue to expand last year’s ban, veto the holding of CryptoMemory in one of the districts of Beijing and urging payment applications to actively deal with the OTC trading of digital currencies.
Whether said macro-factors, which, in his opinion, necessary for the repetition of the scenario of the end of last year in the cryptocurrency market. Lee believes that the cause of the next jump of bitcoin will be the rise of emerging markets as the growth and subsequent decline of the market for digital currencies has coincided with a similar behavior of the emerging markets MSCI index relative to the S&P 500.
Typically, hedge funds borrow stocks in emerging markets. This means that they take risks and abandon them. In this case bitcoin suffers too. If you live in a country with a developing market and see that your stock market is reduced, it means you have less money to buy BTC, which is also reflected on the network effect.
— said Lee in conversation with CNBC
Tom Lee has also maintained its earlier forecast and said that this year, BTC/USD may reach 20 thousand dollars.