Tom Lee Remains Unfazed by The 10% Drop, Remains Bullish
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Tom Lee Remains Unfazed by The 10% Drop, Remains Bullish

January 24, 2020      Zain Raza

Fundstart’s Tom Lee is still optimistic on bitcoin (BTC), even after the leading cryptocurrency market cap took a slump of almost 10 per cent within a week. 

In the latest interview he gave to CNBC’s Fast Money, Lee remains bullish that the geopolitical factor along with the halving will push the price of bitcoin upwards.

Tom Lee Has a Habit of Getting it Wrong

Tom Lee is a former JPMorgan strategist and is particularly renowned amongst the crypto peers for being way off the mark most of the times with his BTC predictions. 

Back in November 2017, when Bitcoin (BTC) was driving itself towards the epitome, Lee stated that it might sky-rocket to $100,000.

Lee foresaw the 2018 bear market and went ahead and said BTC could flourish and hit a new price peak come year-end. 2019 was a similar story when he went off the rails again with his predictions and suggested a $40,000 price tag when BTC was on its way up.

Tom Lee and the rest of the crypto-community are on a similar wavelength when it comes to the halving. All share the same belief that the upcoming halving would turn the tides in Bitcoin (BTC) favour. This is getting categorized as the blockbuster event that will cut down the minor rewards in half, thus stimulating a great change in supply and demand. Lee opines that the Geo-political factors can be a massive metamorphosis especially citing the upcoming U.S. elections in 2020. Tom Lee argued :

“I think last year the White House killed the Bitcoin rally with the opposition, but with the presidential cycle underway, it’s not going to be in the headlines. That’s bullish for Bitcoin.” When Bitcoin was topping the charts at $11,600 on July 12, Trump tweeted that he is not fazed and enamoured of it. Lee believes statements like these, do not help Bitcoin (BTC) cause.

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Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.