Cryptocurrency

Bitcoin’s heading to a new all-time high along with the S&P 500, says Fundstrat’s Tom Lee

As reported by CNBC, “Talk about a bitcoin bull case. “The digital currency is headed to new record highs, says Tom Lee, co-founder, managing director and head of research at Fundstrat Global Advisors — but there’s a catch some cryptocurrency investors may not be expecting. “‘Bitcoin has kind of stalled recently because the macro outlook has stalled. […]

By Chris Sykora · September 16, 2019

Bitcoin’s heading to a new all-time high along with the S&P 500, says Fundstrat’s Tom Lee

As reported by CNBC, “Talk about a bitcoin bull case.

“The digital currency is headed to new record highs, says Tom Lee, co-founder, managing director and head of research at Fundstrat Global Advisors — but there’s a catch some cryptocurrency investors may not be expecting.

“‘Bitcoin has kind of stalled recently because the macro outlook has stalled. I think, in a world without trend, bitcoin doesn’t go up,’ Lee said Thursday on CNBC’s ‘Fast Money.’ ‘The next big catalyst, I think, is a decisive breakout in the equity markets, because I think once equities break to an all-time high, bitcoin becomes a risk-on asset.’

“In other words, according to Lee, as stocks go, so goes bitcoin — at least for now.

“’If markets make a new all-time high and we see central banks still supportive, it’s kind of good for liquidity, so there’s … liquidity going into bitcoin,’ Lee said. ‘More importantly, if there’s an interest in acquiring some volatility, that’s where you’re going to see people buying bitcoin.’”

Continue to read the full story and watch the interview at CNBC.

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