BTC to be $25k, Tom Lee Says

Well-known Bitcoin bull is optimistic bout the price of digital "gold", as always
24 May 2018   555

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.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   256

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.