Bitcoin (BTC), according to the head of research at Fundstrat Global Advisors, still has “exponential growth” ahead of it. While noting recent price swings in bitcoin, the strategist underlined that the cryptocurrency has recovered its losses in very short periods.
Bitcoin is still on track for ‘exponential growth.’
In an interview with CNBC on Monday, Thomas Lee, managing partner and head of research at Fundstrat Global Advisors, discussed the prospects for Bitcoin (BTC).
Lee is a Wall Street strategist with over 25 years of equities research experience. He was the chief equity strategist at J.P. Morgan from 2007 to 2014 before he joined to establish Fundstrat.
The Fundstrat strategist advises investing in BTC, claiming that it still has “exponential growth ahead” as it becomes more widespread.
While recognizing that the price of BTC has recently fallen, he insisted that it was better to hold the cryptocurrency through the volatility than to trade it. Lee elaborated:
“Bitcoin earns all of its gains in ten days every year, and if you don’t possess bitcoin for those ten days, you’ll be down 25% in a year. The kind of weekend massacre that occurred is sad to me, but it’s rather frequent.”
He commented last week about Square CEO Jack Dorsey stepping down as Twitter’s CEO. Dorsey’s exit, according to the Fundstrat expert, is a positive for crypto. He stressed that the crypto ecosystem is still in its growing stage, not only in terms of initiatives like BTC and Ethereum (ETH) but also in terms of “the number of crypto equities and businesses formed on crypto.”
Lee isn’t the only analyst or strategist who thinks BTC has potential. Last Monday, billionaire and Starwood Capital Group chairman Barry Sternlicht said that BTC might be worth a million dollars per coin. Meanwhile, the CEO of Microstrategy believes bitcoin will grow to be a $100 trillion asset class. The founder of Skybridge Capital believes BTC will easily trade above $500K, and he advises investors to buy Bitcoin immediately.