The head of research at Fundstrat Global Advisors, Tom Lee, has refuted claims that crypto is broken beyond repair. Instead, Lee notes that crypto is only bent and still has a lot of room for more gains. As reported by NewsBTC
Tom, who was once a managing partner at JB Morgan, is known in the cryptocurrency spheres as one of the strongest Bitcoin and crypto bull of all time.
The first half of this month has been one of the toughest for cryptocurrency holders and investors after the price of bitcoin touched lows never seen this year. However, cryptocurrency analysts were not shaken, because, according to them, Bitcoin had to go below the expected for it to start a bullish momentum.
But, for fresh crypto investors, a 40 percent drop was not something they were ready to describe as ‘normal.’
For Tom, the price of Bitcoin and other cryptocurrencies fell due to SECs crackdown on initial coin offerings and the recent Bitcoin Cash fork which led to a battle between BCH SV and BCH ABC supporters.
Lee’s clients at Fundstrat Global Advisors fell trap to the ‘crypto is broken’ description. Tom notes that the crash in crypto prices is actually a good sign adding that the current transaction value of Bitcoin is at 1,300,000,000,000 U.S dollars. This value is almost three times higher than that of PayPal and will, in the near future, compare to that of Visa.
The researcher continued to strongly disagree that crypto is broken since cryptocurrency firms like BitMEX are almost surpassing traditional firms like NASDAQ in their yearly profits.
However, although Bitcoin has a lot of space to flex its muscles, Tom notes that it would not happen within a snap of a finger.
Do you think crypto prices fell due to the ‘crypto is broken’ narrative?
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