Tom Lee: Bitcoin will be $11.5k by mid 2018

New forecast from the Fundstrat Global Advisors co-founder
23 November 2017   1113

Thomas Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, has significantly improved his price forecast for bitcoin. Now analyst from Wall Street is confident that by mid-2018, the price of BTC will grow to $ 11.5 thousand, although in August he spoke only about the mark of $ 6000. This is reported by CNBC.

So, a few weeks ago Lee's forecast was relatively neutral - then bitcoin stopped around $ 7400. The analyst noted that the crypto currency hold "too many weak hands", because of which there was a probability of a sharp drop "from the slightest turbulence". As a result, he designated $ 5,500 as the level at which you should buy bitcoin. Recently, the BTC really dropped to $ 5,600, which, according to Lee, cleared the market of uncertain players.

A few weeks ago, we turned short-term neutral on bitcoin as the price level then (~$7400) exceeded our estimate of fair value," Lee wrote in the report. "Last week, Bitcoin fell to $5,600 and since then rebounded. In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted. … We recommend steady buying of Bitcoin at these levels.

Thomas Lee

Managing Partner and Head of Research, Fundstrat Global Advisors

As a result, the financier increased his forecast for the middle of 2018 from $ 6000 to $ 11.5 thousand - almost 40% higher than the current BTC rate. In addition, Lee is optimistic about the future appearance of bitcoin futures. Like many others, Fundstrat analyst is confident that transactions with derivative instruments based on crypto currency will strengthen confidence in bitcoin and contribute to the growth of the number of potential users.

Member of British Parliament Wants to Payl Tax in BTC

MP  comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes
11 December 2018   6

Eddie Hughes, a member of the UK Conservative Party, said that the state should make it possible to use Bitcoin when paying taxes and utilities. It is reported by The Daily Express.

Eddie Hughes, who represents North Walsall in parliament, calls himself a "crypto-enthusiast with amateur knowledge." According to him, the blockchain technology attracts a lot of attention, and therefore members of parliament "must understand it."

Eddie Hughes also said that he recently met with representatives of the Royal Society for Water Rescue, which accepts donations in cryptocurrencies, after which he came to the idea of ​​making it possible to use Bitcoin when paying municipal taxes and utilities.

It just feels like it gets talked about a lot, wherever you go in the UK, and as MPs we have a duty to understand it. 

Eddie Hughes


Hughes comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes, which he also reminded in his interview within the publication.