Co-founder of Fundstrat Global Advisors and Bitcoin bull, Tom Lee told CNBC reporters on Thursday, Dec 13, that he is tired of forecasting short time prices for the cryptocurrency.
According to Lee, Bitcoin has a “fair value” in the region of $13800-$14800, which should not be confused with the current market price that stood at $3300 at press time.
He is quoted as saying in the report,
“Given we are so close to year-end, we are not providing any updates to near-term price objectives—read this as, we are tired of people asking us about target prices.”
Tom Lee also explained that the factors which will drive a Bitcoin rebound in the coming months are user adoption as well as investors approaching the asset as a real asset class.
Based on Lee’s calculation, Bitcoin will need only 280,000,000 global users (7% of Visa customers) to reach a value of $150,000, of which Coinfomania reported yesterday that the number of Bitcoin owners have grown despite the 2018 bear market.
So there is no need to become unnecessarily bearish about the long-term potential of Bitcoin.
“The risk/reward is still strong,” Lee said.
Only Small Minds Check Crypto Prices
Tom Lee’s recent comments call to mind a statement by Tezos Co-founder and CEO, Kathleen Breitman that only small minds would continue to check the price of cryptocurrencies every now and then.
According to the CEO, the potential of blockchain and cryptocurrencies should be the primary focus at this early stage of the industry, irrespective of what the prices are saying.
Galaxy Digital’s Michael Novogratz also shared similar sentiments about a certain future for Bitcoin, when he said earlier this week that his crypto investment firm is like a “surfer” getting ready for the next big wave.
Bitcoin’s market cap at press time was $57.7 billion.
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