In a recent interview with CNBC, Tom Lee crypto bull gave his thoughts on the current state of the market. Lee, the Head of Research at Fundstrat, stated that he was pleasantly surprised by the stability of the cryptocurrency market and added that Bitcoin has reached its bottom.
The financial analysts had made news earlier when he stated that the value of Bitcoin would break December 2017’s record and shoot up to an all-time high of $25,000.
Lee states that he had expected the volatility of Bitcoin to be much higher considering that the total crypto cap is a small fraction of the total global assets which have seen a correction.
Surprisingly the now-10-year-old Bitcoin has relatively outperformed stocks, even ones that have been historically non-volatile beyond belief. Elaborating on this point, the prominent crypto proponent stated:
It’s surprising given how small bitcoin is in terms of market capitalization… right? The total crypto market cap is $200 billion, on close to near-$90 trillion of global assets that have actually seen a correction… so I’m surprised — pleasantly surprised.
Lee was also confident about the fact that with the emergence of new platforms such as Bakkt and Fidelity’s cryptocurrency service, Bitcoin will achieve mainstream adoption. According to Tom Lee:
“Bitcoin should be able to easily break higher ground once people realize its fundamental benefits and use cases.”