Tom Lee again urges to buy cryptocurrency, predicting a price rebound!
Bitcoin is not dead, and the best investment opportunities arise when the market situation seems bleak! So says Tom Lee, co-founder of Fundstrat and a crypto analyst.
Speaking at the ChainXChange conference in Las Vegas, Tom Lee once again shared his bullish attitude towards cryptocurrency in the long run. He notes that he sees no point in selling coins when the market is close to historical lows, since, most likely, there will be a rebound later.
According to Lee, the current value of the BTC price is a great buying opportunity, and it would be a mistake to miss this point:
The question you should ask yourself is this: “Now that the crypt is at the bottom, is it appropriate to take a bull or a bear position?” And I want to emphasize that it is a mistake to take a bearish position when you are already at the bottom. It’s like if you looked at the stock market in December 2008 of the year and decided that it’s better to take a safe bear position, although the bear market is ending.
Lee is optimistic, explaining that the 2018 correction of the year, although it is quite strong, is very useful for the market because it prevents the bubble from rising by updating the capital. He also noted that this is a great investment opportunity:
This period updates the expectations of investors. But most importantly, your only chance to really make money is to buy when investors do not buy. This is a real opportunity.
Tom Lee also noted that the growth of market capitalization and the use of cryptocurrencies is a matter of time, so global adoption is inevitable in the medium term. The modern generation of pro-technological culture, which greatly affects the lifestyle of society.
He said that in a few years the business strategies chosen by this generation will determine the development of traditional finance. According to Lee, the capitalization of the industry can grow to several trillion dollars:
First Data estimates that by 2020, the Millennium generation [born after 1981] will control about 7 trillions of dollars in financial assets, of which only a small percentage will be stored in digital assets. But let's consider this thought. What if at least 10% of this amount will be represented in digital assets, in the crypt. As you all know, the growth multiplier estimated by Kyle Samani of Multicoin Capital is about 20-25, which means an increase in market capitalization of almost 14 trillions of dollars only from Americans.