Tommy Lee renews his bullish Bitcoin position in spite of price drop.
Tommy Lee, the notoriously bearish financial analyst and founder of Fundstrat, affirmed his position that Bitcoin is the best investment through the end of the year. Lee continued to espouse his strongly bullish position on an interview with CNBC, in spite of the recent double-digit drop.
Other analysts have expressed strong disdain for the digital currency, including Chase’s Jamie Dimon, who recently called the cryptocurrency a ‘fraud,’ and opined that governments would soon step in and regulate the currency.
Lee, who predicts a Bitcoin price of $25,000 in the next five years, says that Bitcoin cannot be in a bubble, in spite of the substantial price run up in the past year. Lee answered Bitcoin critics by saying:
“We have some data. There’s only about 300,000 holders of at least $5,000 of Bitcoin. That’s like saying the iPhone was a bubble in 2007, four days into the sale because there were 500,000 iPhones sold.”
Whether Lee is right or not, the market has certainly rebounded from the sub-$3,000 levels after the announcement of Chinese exchange closures.