The founding father of funding administration agency Michael Lee Technique says that “the perfect days of bitcoin are positively forward of it,” anticipating the cryptocurrency to “make all-time new highs.” The strategist additional says that it will likely be a very long time “earlier than we see any kind of taper or any kind of restrictive coverage from the Fed” or different central banks worldwide.
Market Strategist Expects Bitcoin to Make All-Time New Highs
Michael Lee, founding father of Michael Lee Technique, shared his outlook for bitcoin in an interview with Fox Enterprise Monday.
Michael Lee Technique gives wealth planning and funding administration as an funding adviser consultant via Compass Monetary. Lee is a former vp within the Institutional Center Markets group at Morgan Stanley.
Commenting on the value of bitcoin hitting $60,000 earlier this yr, Lee mentioned that “it’s only a facet impact of countless cash printing that’s happening.” He dismissed the speculation that the BTC worth enhance Monday resulted from the rumor that Amazon could also be accepting bitcoin and different cryptocurrencies for funds. The e-commerce large revealed a job posting final week looking for a digital foreign money and blockchain lead.
Lee mentioned that “the perfect days are forward for cryptocurrencies, particularly bitcoin.” Noting that “bitcoin is your first mover,” he believes that the cryptocurrency is “going to revenue as a lot or extra as any of the opposite cryptocurrencies.”
“I feel it’s onerous to elucidate a few of these strikes, nevertheless it’s a really a lot a momentum asset class,” he continued. “So, as quickly as you get a little bit little bit of momentum to the upside, the comply with on trades simply maintain coming and coming and coming. After which rapidly you go from $29,000 to virtually $40,000 within the span of a little bit over per week.”
Declaring that he’s a bitcoin proprietor, Lee opined, “I feel it’s a very long time earlier than we see any kind of taper or any kind of restrictive coverage from the Fed.” Emphasizing that “it’s not solely like that with the Fed, it’s like that with central banks worldwide,” the strategist concluded:
That’s why I feel bitcoin is prone to make all time new highs, possibly, possibly not within the subsequent few months. However the perfect days of bitcoin are positively forward of it, not behind it.
Do you agree with Lee that bitcoin’s greatest days are head? Tell us within the feedback part under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any harm or loss brought on or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or providers talked about on this article.