BTC to be $25k, Tom Lee Says

Well-known Bitcoin bull is optimistic bout the price of digital "gold", as always
24 May 2018   1540

Co-founder of Fundstrat Global Advisors, Tom Lee does not abandon his forecasts and expects bitcoin to grow to $ 25,000. The analyst said this in a conversation with CNBC.

According to him, the latest decline in the market is explained by "typical volatility of the crypto-currency". As an argument for his bullish forecast, he pointed to 3 key factors.

The first factor is the cost of issuing bitcoin. On Tuesday, on the air of the "Futures Now" broadcast, when bitcoin cost about $ 8,000, Lee said that the cryptocurrency "is traded at the level of actual costs". On Wednesday, the analyst said that the cost of issuing bitcoin is about $ 6,000, that is significantly lower than the price of the cryptocurrency in the market.

Among other factors that may cause further growth of bitcoin, Lee mentions the arrival of institutional investors who still do not have the opportunity to interact freely with the crypto-currency industry.

I think institutional investors have gained a lot of interest, and they haven't really come into crypto yet because there is still some regulatory uncertainty. But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why bitcoin rallies.

Tom Lee


Finally, Lee refers to an analysis of historical data conducted by Fundstrat, which also suggests that investors should keep the Crypto currency.

Historically, 10 days comprise all the performance in any single year of bitcoin's price. If you just took out those 10 days, bitcoin's down 25 percent a year. So as miserable as it feels holding bitcoin at $8,000, the move from $8,000 to $25,000 will happen in a handful of days.

Tom Lee


Earlier, another analyst at Fundstrat Sam, Doctor, published the results of his analysis, which led him to conclude that the rate of bitcoin in 2019 could rise to $ 36,000 or even $ 64,000.

VanEck & SolidX to Withdraw BTC ETF Application

Bitwise and Wilshire Phoenix' Bitcoin applications are still pending
18 September 2019   46

The bid for Bitcoin ETF launch by VanEck and SolidX, considered the most likely candidate for approval, was withdrawn amid continuing uncertainty from the US Securities and Exchange Commission (SEC).

VanEck and SolidX planned to place their Bitcoin ETFs on the Chicago Options Exchange (Cboe). However, as follows from the notification published on Tuesday, on September 13, the latter withdrew the application for a change in the rules, which, if approved, would allow launching the corresponding tool.

Previously, SEC postponed the solution several times at the request of VanEck and SolidX. The last time this happened in August was when the decision on Bitcoin ETFs from Bitwise Asset Management and Wilshire Phoenix was also postponed.

The final deadlines for decision making on Bitwise and VanEck / SolidX applications were on October 13 and 18, respectively. Wilshire Phoenix's decision is due on September 29th.

It should be noted that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused. Most often, the reasons for the negative decision were explained by the risks of market manipulations and insufficiently developed market control tools.