Tom Lee says Bitcoin's volatility makes it better for long term investing

27 Jun, 2019
by Richard Allen
Tom Lee says Bitcoin's volatility makes it better for long term investing

Bitcoin recently soared to new yearly highs, surging through $13,000 yesterday. Today, however, Bitcoin has seen a rather hefty correction, currently trading at $11,562.61 at the time of writing, representing a decline of 16.47% in 24 hours. It’s this kind of volatility that makes Bitcoin investing a long-term game, Tom Lee stated.

3Tom Lee, co-founder of Fundstrat Global Advisers tweeted earlier today reminding crypto Twitter that Bitcoin is an extremely volatile asset. While this is good for “volatility and other dedicated traders,” most should focus on a long-term view.

Lee’s comments were in response to a tweet from Bloomberg stating that while Bitcoin had surged 39% this week to levels not seen since January 2018, it has lost over $1,800 of value in about 10 minutes. As Chepicap recently reported, Bitcoin has since seen further losses.

As Chepicap recently reported, Bitcoin’s correction has resulted in almost $95 million worth of longs getting liquidated on BitMEX. Furthermore, the decline has seen crypto analysts divided on where the currency will head next. Some believe Bitcoin is following its moves in 2015 and 2016. BTC will form a new base in the coming months before a subsequent accumulation. Other, however, believe a comparison to the 2011 – 2013 cycle paints a clearer picture.

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Read more about: Bitcoin (BTC)


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