Fundstrat Global Advisors Tom Lee has said Wednesday, Nov. 28, while delivering a speech at the BlockShow Asia 2018, that Bitcoin could be worth $10 million per one coin in the next 10 years.
The Fundstrat’s co-founder while speaking said there are three reasons behind the recent cryptocurrency market woes. He mentioned the Bitcoin Cash hard fork, regulator stiffer policy and global market condition as the reasons behind the recent bear market.
Lee is still adamant on his prediction on cryptocurrency, saying:
“[We] have a price correction taking place, which has caused the price to fall even below its 200-day [a popular technical indicator used by investors to analyze price trends], but if you’ve got time, it will arise. It will not happen within three months, or one year, but in two to three years, and this is the golden time to be in crypto. As soon as Bitcoin crosses its 200-day, we know there will be a flood of money coming.”
In a conversation with Cointelegraph, Lee raised encouraging points about cryptocurrency market stating that, “the only time the return is better than 7 percent is when you buy at a bear market […] Bitcoin may have downsides in the near term, but this doesn’t change the fact we are still in the earliest days of crypto, and it’s about to become an emerging asset class.”
In his BlockShow speech, he said at the moment, cryptocurrency has only 50 million active wallets compared to the 2.27 million PayPal accounts and 4.6 billion MasterCard and Visa accounts.
He said, while comparing Bitcoin to other payment means that in ten years Bitcoin could be worth $10 million per one coin.
His predictions are based on the increasing cryptocurrency adoption among big firms like Starbucks and Microsoft, pointing that the price of BTC is going to be “dramatically higher.”