Tom Lee: BTC can rise in price by the end of 2019

Posted 16 August, 2019

Bitcoin will significantly rise in price by the end of 2019, according to Tom Lee, co-founder of Wall Street Fundstrat Global Advisors. He claims that in the near future, the cost of the first cryptocurrency can update the historical maximum, which was set at $20,000 in 2017.

''I think anyone who wants to have a 2% or 1% allocation to Bitcoin as a hedge against a lot of things that could go wrong — it’s a smart bet.” - said Lee.

He added that the first cryptocurrency does not correlate with the stock market and recalled the growth of the asset from $3,000 to $13,000 this year. According to the analyst, Bitcoin is a protective asset in an unstable time. 

Not all adhere to this opinion. For example, analyst Larry Chermak believes that it is too early to call a coin “safe-haven”. He explained his position by the fact that during the financial instability in China, when the yuan fell to an 11-year low, the price of bitcoin in this country remained 2% below the average market.

Brian Belsky, a strategist at BMO Capital Markets, an investment bank, is also confident that the first cryptocurrency proved extremely volatile. Therefore, at the moment it is premature to call it a protective asset.

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