Bitcoin May Cost $10 Million In 10 Years — Tom Lee
Tom Lee, the Wall Street crypto enthusiast and co-founder of Fundstrat Global Advisors, believes that the decline in the crypto market may be the best time for investors. He also states that bitcoin price can reach $10 million in 10 years, Cointelegraph reports.
During his speech at the BlockShow Asia 2018 conference, the analyst identified several reasons that affected the current state of affairs. First, the controversial decision about the hard fork of Bitcoin Cash (BCH). Secondly, the use of tough measures by the US Securities and Exchange Commission (SEC) regarding ICOs and its decision to reimburse funds to investors of such projects. Thirdly, the sad situation in the global financial markets, which fell by almost 10% during the two months of Q4 2018.
Despite all this, Lee is confident that the crypto market will overcome the recession. He claims that there is a correction of the price in the market now, but it will grow over time, even if it takes two to three years. It is the right time for investors to invest in cryptocurrency, the analyst stressed.
Currently, there are only 50 million active wallets in the crypto industry, while PayPal has 2.27 million accounts, and Visa and MasterCard have 4.6 billion. Lee compared Bitcoin with these payment systems regarding the network value and stated that the price of the first cryptocurrency may soar to $10 million in ten years.
The analyst is optimistic about bitcoin in 2019, even if the recession continues for several months. He considers the entry of such large conglomerates as Microsoft and Starbucks, as well as institutional investors, into the crypto market to be the basis for a positive outlook.
Earlier, Lee stated that BTC might reach a price of $15,000 by the end of 2018.