Speaking on stage at the London CryptoCompare conference last week, Thomas Lee claimed that the size of the global crypto community may be only half a million people.
Lee believes that “crypto is a lot smaller” than most people think. He said that although most people seem to agree that crypto is a “1.9 million user market”, he thinks that there are closer to “500,000 people in the world that own crypto”.
— Emptybeerbottle (@Fullbeerbottle) June 16, 2019
The Fundstrat Global analyst said that “one way to measure this is to look at crypto Twitter”. He said that a “huge number of followers on crypto Twitter is generally around 100,000”, and that only a few people have close to 1 million followers on their account. Lee himself has only 70,000 followers.
Comparing this to a mainstream community like global soccer, even the 500 most popular players have close to 1 million social media followers.
He said that this could potentially be really bullish because if “Bitcoin is at over $8,000 with only 500,000 followers, imagine what Bitcoin’s price is going to be when you have four and a half million” people interested in the technology.
Crypto winter is over
The co-founder of Fundstrat Global reiterated over the weekend that “crypto winter is over”, adding that with Bitcoin back at new 2019 highs, “don’t those old highs [$20,000] look like a few FOMO days away?”
In his talk, the regular CNBC guest told the audience: “If Bitcoin trades above $10,000, then chances are that we will see $40,000 in the next five months.”
— Nawaz Sulemanji (@coinrivetnawaz) June 12, 2019
Speaking exclusively to Coin Rivet after his talk, Lee told us: “$10,000 could happen soon, because if you take the 10 best days for Bitcoin in any given year, two good days in Bitcoin can take you right back to $10,000.”
Although he couldn’t see any catalyst on the horizon in the short term, he did say that anyone who thinks Bitcoin can’t return to its old highs is “kind of sceptical, because they’re ignoring history”.
With the wealth transfer between baby boomers and millennials now in full swing, Lee again reiterated on stage that the next bull run in crypto could likely take Bitcoin to well over $100,000 – as more and more young people make the choice to allocate capital towards digital assets instead of traditional asset classes like stocks and bonds that were favoured by their parents’ generation.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.