The founding father of funding administration agency Michael Lee Technique stated “bitcoin’s finest days are undoubtedly forward of him”, anticipating cryptocurrency “to achieve new all-time highs.” The strategist additional says it will likely be a very long time “earlier than we see some type of cutback or restrictive coverage from the Fed” or different central banks all over the world.
Market strategist expects Bitcoin to hit new all-time highs
Michael Lee, founding father of Michael Lee Technique, shared his outlook for bitcoin in an interview with Fox Enterprise Monday.
Michael Lee Technique gives wealth planning and funding administration as an funding advisor consultant via Compass Monetary. Lee is a former vp of the Institutional Center Markets group at Morgan Stanley.
Commenting on the bitcoin worth hitting $ 60,000 earlier this 12 months, Lee stated that “it’s only a facet impact of countless cash printing that’s taking place.” He rejected the speculation that the BTC Monday’s worth hike stems from rumors that Amazon might settle for bitcoin and different cryptocurrencies for funds. The e-commerce big posted a job posting final week looking for a digital foreign money and blockchain supervisor.
Lee stated that “one of the best days are but to return for cryptocurrencies, particularly bitcoin”. Noting that “bitcoin is your main driver,” he believes cryptocurrency “will revenue as a lot or greater than any of the opposite cryptocurrencies.”
“I believe it is arduous to clarify a few of these strikes, however it’s actually a dynamic asset class,” he continued. “In order quickly as you get a bit of upward momentum, the monitoring trades hold coming and going and coming and going. After which hastily you go from $ 29,000 to virtually $ 40,000. in simply over every week. ”
Stating that he owns bitcoins, Lee stated, “I believe it will likely be a very long time earlier than we see any type of reduce or restrictive coverage from the Fed.” Stressing that “it is not similar to that with the Fed, it is like that with central banks all over the world,” concluded the strategist:
That is why I believe bitcoin is more likely to hit new highs, perhaps, perhaps not within the subsequent few months. However bitcoin’s finest days are undoubtedly forward, not behind.
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