Bitcoin News

Donald Trump’s Bitcoin roast is a positive thing, Thomas Lee

Donald Trump’s recent attack on the crypto space could push Bitcoin up to $40,000 by year-end, according to Fundstrat Global Advisors’ Head of Research Thomas Lee.

In an interview with Yahoo Finance, he said: “On balance, it’s a positive because cryptocurrencies and Bitcoin really are in the main stage now, with the Congress, the Fed, the President weighing in.”

Lee added: “It’s going to force everybody who is not involved — and remember a very small percentage actually cares about crypto and Bitcoin — it’s going to force the other 98% of the world to think about what it means.”

Bitcoin is now trading at a rarely seen level, he noted. “If you go back to every milestone that that was achieved, Bitcoin subsequently rallied somewhere between 200% to 400% within the next four months, so I think if that’s playing out this time that means it could be $20,000 to $40,000 sometime in the fourth quarter.”

To get there, it would need to surpass the $13,400 level that has proven to be an issue so far this year. Facebook’s Libra project, meanwhile, has a role to play here in terms of bringing new users onboard, but won’t be as influential as many industry observers have been predicting.

“In a world without Libra, is crypto going to be successful? Absolutely. So I don’t think it changes the long-term outlook for Bitcoin,” Lee concluded.

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.

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