Wall Street cryptocurrency bull Tom Lee has repeated his recently reduced year-end price forecast for Bitcoin at $15,000, in spite of the present market crash. He stated this inside of an interview with CNBC’s Squawk Box on Tuesday, Nov. 20.
The head of research at Fundstrat Global Advisors stated two major different types of crypto players inside recent statement. Your initial category as individuals who are using it and provide wallets in cryptocurrency and secondly category includes people that belong to a speculative side of this market. Much like Lee, those two sides on the cryptocurrency and blockchain community should find a method for reaching each other, In keeping with him, it will help you cryptocurrency investors not to get burnt by crashes like this.
Lee has admitted the markets have certainly seen strangling development, that signals a weakness belonging to the momentum. Nonetheless, Lee stressed that institutional crypto investors don’t seem to be necessarily getting plagued by the recent market plunge, while the price of Bitcoin penetrated the $4500 level. Young drivers . emphasized might role of institutional participation around, claiming that specifically, this perhaps the market will pull another surge in the crypto adoption.
There are primarily two factors that may soon bring more institutional interest with the markets, as reported by Lee. The first factor include the upcoming launch of one’s digital assets exchange platform Bakkt. Notably, Bakkt recently confirmed a “target” launch date for Jan. 24, 2019, postponing its earlier decided launch date of 12 Dec 2019 .
The second factor certainly is the increased involvement of institutions already in the market as the industry receives additional regulatory clarity, and that is partly arrived now, according to Lee. He further added that once we have that regulatory clarity, the institutions will feel convenient in making bets.
He also noted that Bitcoin shouldn’t be essentially a valuable asset, claiming that it is probably best perceived as a commodity it is really a chance for an emerging asset class.