[2017-08-10] Top Wall Street strategist expects bitcoin to be the best asset

[nickbelski]

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.


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.

https://www.cnbc.com/2017/08/10/fundstrats-tom-lee-expects-bitcoin-to-be-the-best-asset-through-year-end.html

[Rahar02]

I really like this statement ; underowned asset with potential for huge institutional sponsorship coming.
That's why bitcoin will continue to growing bigger over time, especially untill the end of this year.
There are so many speculation about bitcoin price and what it can achieve in 2-3 years later, maybe bitcoin could rise to $20,000 and potentially reach $55,000 by 2022 due to the potential of bitcoin as a decentralized and no boundaries digital currency, people could use it and send as much as they want, buy it, store it, hold for uncertain time, it's all up to your will. One of the best thing of bitcoin is : no tax to keep it in your wallet even though the value more than Million dollars as no one knows about it except yourself.
Try to keep Million dollars in your bank account, and govs will ask for the taxes every month.

[DooMAD]

It's strange to get such contrasting and conflicting news from the States.  On the one hand the US stock market and "traditional" financiers seems enamoured, but some exchanges are in retreat because of fears over legislation, while others are watching the investment capital flow in.  The overall picture still seems unclear as ever.  It's almost as though the only thing that seems like a safe bet is that the fiat value keeps increasing despite any negative news the world can throw at it.

[CryptoBry]

These Bitcoin derivatives can be helping Bitcoin a lot in getting more and more buyers from anywhere in the globe. Well, traders want to make money and more money so they can share them with their investors. And many traders are right now looking at Bitcoin as the source of mega-profits which they might never experience with traditional investment vehicles available anywhere. We can expect more and more people representing investors to really get interested with Bitcoin and in the process push its value further.

The question is: Will these great speculations lead to some eruptions of small bubbles for Bitcoin? Or maybe not?