WOW! Top Wall Street strategist expects bitcoin - Prediction

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Top Wall Street strategist expects bitcoin to be the best asset through year-end

Fundstrat's Tom Lee tells CNBC he expects bitcoin to be the best performing asset class through the end of this year.

Bitcoin has already more than tripled in value this year.

Lee expects growing institutional investor demand from the launch of bitcoin derivatives will help drive the digital currency's price higher.

 This is why bitcoin could be the new gold: Strategist   This is why bitcoin could be the new gold: Tom Lee  

Bitcoin will likely outperform stocks and bonds the rest of the year, according to the first major Wall Street strategist to issue a report on the digital currency.

"I think bitcoin is an underowned asset with potential for huge institutional sponsorship coming," Fundstrat co-founder Tom Lee said Wednesday on CNBC's "Fast Money."

"It has a lot of characteristics that are very similar to gold that I think will make it ultimately attractive as an alternate currency," he said. "It's a good store of value."

Here's Lee's outlook on bitcoin given on the show into year-end:

Gold or bitcoin? Bitcoin?

"Yes."

Would you rather own bitcoin versus a basket of U.S. stocks?

"Between now and year end it's easily bitcoin."

Will bitcoin be the best performing asset?

"Yes."

Bitcoin leaped to record highs this week above $3,500, more than tripling in value for the year despite a split in the currency last week into bitcoin and bitcoin cash, an alternative version supported by a minority of developers.

Bitcoin traded 1.5 percent higher near $3,428 Thursday morning, according to CoinDesk. Bitcoin cash steadied after wild swings in its first week, trading near $303, according to CoinMarketCap.

Another digital currency, ethereum, rose 1 percent to just under $300, according to CoinDesk.

Bitcoin three-month performance.

See this link reference source: https://www.cnbc[dot]com/2017/08/10/fundstrats-tom-lee-expects-bitcoin-to-be-the-best-asset-through-year-end.html

[darkangel84]

In contrast to the U.S. equity market, where a popular measure of volatility has been hovering near a multidecade low since May, there was nothing but volatility in the realm of digital currencies, underscored by jaw-dropping gains on the year and a gut-wrenching drop this month.

Digital currencies hit a number of key milestones in 2017, including breaking into the 12-digit club, as the combined market value of all cryptocurrencies—led especially by bitcoin and ethereum—surpassed $100 billion for the first time ever, and currently stands near $104 billion.

Cryptocurrencies have become so prominent that major semiconductor stocks have started to move based on how readily their chips are used by “miners,” who use high-powered computers in a race to solve complex puzzles. Those who solve these problems are rewarded with the digital gold of bitcoin and other digital currencies.

The volatile ride in cryptocurrencies is garnering increased attention from mainstream companies and average Joes and Janes, but that belies the setbacks it has faced on the regulatory front. Notably, the Securities and Exchange Commission in March rejected what would have been the first bitcoin exchange-traded fund, as well as the reputation hits from recent high-profile cyberattacks where bitcoin ransoms were demanded.

Source: https://www.marketwatch.com/story/what-delivered-the-best-return-of-2017s-first-half-bitcoin-and-ethereum-2017-06-28