Tom Lee: "Bitcoin is easily going to take out its all-time highs"

19 Jun, 2019
by Will Heasman
Bitcoin
Tom Lee: Bitcoin is easily going to take out its all-time highs

As Facebook’s cryptocurrency, Libra, takes over the headlines, Fundstrat’s Tom Lee tries to steal back the spotlight for Bitcoin, noting that the #1 cryptocurrency is going to “take out its all-time highs” of $20k sometime in the near future.

Speaking to CNBC, Lee noted that the Facebook announcement was actually a “validation” of the cryptocurrency industry:

“It really destroys those arguments that say ‘I believe in blockchain, not Bitcoin,’ this is clearly a cryptocurrency play.”

Good for Bitcoin, bad for everything else?

Lee goes on to suggest that Libra is more targeted on stablecoins and creating a new banking system, adding that Libra is actually “complementary to Bitcoin,” and “really bad for stablecoins” believing that Libra will be “one of the dominant stablecoins.”

Borrowing Libra’s limelight, Lee refocuses back on Bitcoin, and its potential upside:

“I think Bitcoin ultimately becomes the reserve currency in crypto, Bitcoin at $9000 has only been at this level in 4% of its history. We’re deep into a bull market and people are pretty silent about, I think bitcoin is easily going to take out its all-time highs.”

Lee has been notably vocal about Bitcoin’s price levels stating only yesterday that bitcoin is “just a few FOMO days away” from hitting $20k.

Moreover, in a recent interview with Chepicap, Lee reiterated his position that Bitcoin breaching $10k would lead to a rally in which a price point of $40,000 is reachable:

"Looking at the past bull cycles, once you breach that what we call FOMO level, Bitcoin typically rallies 200% to 400% so that's how we got to a theoretical $40,000."

What do you think? Will Libra be good for the cryptocurrency sector? Let us know your thoughts in the comments!  

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Read more about: Bitcoin (BTC) Tom Lee

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