Bitcoin decline is just a dip
The price of the popular digital currency Bitcoin went down hard, but according to analysts it is only a dip. Further growth is coming!
The head of research at Fundstrat Global Advisors believes Bitcoin (BTC) still has “exponential growth” ahead of it. While acknowledging the cryptocurrency’s recent price swings, the strategist emphasized that Bitcoin has regained its losses in a short period of time so far. So no cause for concern.
Bitcoin dip
Fundstrat Global Advisors’ managing partner and head of research, Thomas Lee, spoke about the prospects for Bitcoin in an interview with CNBC Monday. He is a Wall Street strategist with over 25 years of equity research experience. Before co-founding Fundstrat, he was JP Morgan’s chief equity strategist from 2007 to 2014. So someone with a lot of experience.
He therefore advises investing in the digital currency. He emphasizes that the cryptocurrency still has “exponential growth” as it becomes more mainstream. While acknowledging that BTC’s price has fallen recently, he stressed that it made more sense to hold onto the cryptocurrency through volatility rather than trading the fluctuations. He explained, “Every year Bitcoin makes all its gains in 10 days and if you don’t own Bitcoin for those 10 days, you lose 25% a year. For me, the kind of massacre over the weekend that happened is painful, but it’s quite common.”
Million per coin
There are more positive voices going around. Billionaire Barry Sternlicht, the chairman of Starwood Capital Group, said last week that Bitcoin could be worth a million dollars a coin. The founder of Skybridge Capital says the coin will easily trade at $500K.
