The founding father of funding administration agency Michael Lee Technique says that “one of the best days of bitcoin are undoubtedly forward of it,” anticipating the cryptocurrency to “make all-time new highs.” The strategist additional says that it is going to be a very long time “earlier than we see any kind of taper or any kind of restrictive coverage from the Fed” or different central banks worldwide.
Market Strategist Expects Bitcoin to Make All-Time New Highs
Michael Lee, founding father of Michael Lee Technique, shared his outlook for bitcoin in an interview with Fox Enterprise Monday.
Michael Lee Technique gives wealth planning and funding administration as an funding adviser consultant by way of Compass Monetary. Lee is a former vice chairman within the Institutional Center Markets group at Morgan Stanley.
Commenting on the worth of bitcoin hitting $60,000 earlier this yr, Lee mentioned that “it’s only a aspect impact of limitless cash printing that’s happening.” He dismissed the idea that the BTC worth enhance Monday resulted from the rumor that Amazon could also be accepting bitcoin and different cryptocurrencies for funds. The e-commerce large printed a job posting final week looking for a digital currency and blockchain lead.
Lee mentioned that “one of the best days are forward for cryptocurrencies, particularly bitcoin.” Noting that “bitcoin is your first mover,” he believes that the cryptocurrency is “going to revenue as a lot or extra as any of the opposite cryptocurrencies.”
“I believe it’s onerous to elucidate a few of these strikes, nevertheless it’s a really a lot a momentum asset class,” he continued. “So, as quickly as you get a little bit little bit of momentum to the upside, the comply with on trades simply hold coming and coming and coming. After which hastily you go from $29,000 to virtually $40,000 within the span of a little bit over per week.”
Declaring that he’s a bitcoin proprietor, Lee opined, “I believe it’s a very long time earlier than we see any kind of taper or any kind of restrictive coverage from the Fed.” Emphasizing that “it’s not solely like that with the Fed, it’s like that with central banks worldwide,” the strategist concluded:
That’s why I believe bitcoin is prone to make all time new highs, perhaps, perhaps not within the subsequent few months. However one of the best days of bitcoin are undoubtedly forward of it, not behind it.
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