Bitcoin critics will catch FOMO at 10,000 BTC, says Tom Lee, the cryptologist

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By NCC: The rise of Bitcoins has sparked a wave of fears of running out (FOMO) among those celebrating the impending demise of cryptocurrency. Fundstrat co-founder Tom Lee has recently been slow to engage in encryption on Twitter, as the price of bitcoin has rebounded considerably.

Through a Twitter survey, he asked:

"At what price will he see FOMO from those who have 90% Jubilee in BTC?"

Before the closure of the vote over the weekend, nearly 8,000 people had participated. Most of them believe that touching $ 10,000 again with Bitcoin will bring defeatists to their knees, which will make them come back.

Bitcoin approaching FOMO Sweet Spot

At the time of writing Monday afternoon, the $ 10,000 was close. The price of bitcoin has exceeded $ 8,000.

bitcoin price

The price of bitcoins has risen 14% in the past 24 hours to over $ 8,000. | Source: CoinMarketCap

Respondents to Tom Lee's survey added anecdotal evidence:

Lee's Got SWAG

Lee is known for his predictions of high bitcoin prices for 2018, which have never been realized. This year, however, the momentum is on its side. Through this survey, we see the sense of humor of the Bitcoin bull. He broke down his comments on the price of Bitcoin as his SWAG, aka "Wild Scientist".

Last month, Lee said that the price of bitcoin was likely to reach a new record in 2020, claiming that crypto-source had appeared.

While Lee's poll was a fun way to explain what people think of the lower price of Bitcoin, he has presented serious arguments as to why Bitcoin bulls are well placed. He cited several catalysts that raise the price of Bitcoin, including:

  • an increase in blockchain transaction volumes
  • bullish technical signals
  • a rise in volumes of crypto trading

Lee acknowledged that the adoption of cryptocurrency – a key fundamental indicator – had not yet taken hold in the United States. Meanwhile, in countries such as Venezuela and Turkey where local currency valuations have hit, the use of crypto is increasing. Devaluation in local currencies "caused a drop in volumes in the chain," said Tom Lee, adding:

"It's really important that this be done in the United States for adoption, because there is a really well-established financial system. You have to remember that cryptography is probably 70% a story outside of the United States.

Bitcoin is becoming more popular among the general public.

Fidelity Investments will launch a crypto trading service "in a few weeks". It will also help raise prices.

Fidelity indicates that its cryptocurrency trading product is aimed at institutional traders and will initially focus on BTC.

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