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The current bear markets represent the "golden age" of crypto-monetary space, said Tom Lee, Wall Street crypto-media advocate and co-founder of Fundstrat Global Advisors, during his speech. speech at BlockShow Asia 2018.
The co-founder of Fundstrat has listed the three main reasons for the recent collapse of the crypto-market: the controversial bifurcation of Bitcoin Cash (BCH), the regulatory measures taken by the US Securities and Exchange Commission. UU (SEC) forcing initial foreign exchange offers (ICOs) to return funds to investors and the "terrible" situation in world markets, which fell by around 10% in October and November.
However, the investor refused to change his positive outlook on cryptocurrencies. Describing the current situation, Lee explained:
"[Tenemos] a price correction is underway, which has dropped the price even below its 200 days [un indicador técnico popular utilizado por los inversores para analizar las tendencias de los precios]but if you have the time, it will happen. This will not happen in three months, or in a year, but in two or three years, and this is the moment to hope to enter the cryptocurrency space. As soon as Bitcoin has passed through its 200 days, we will know that a flood of money is coming. "
Speaking exclusively with Cointelegraph, Lee continued with an encouraging outlook for the future of the cryptography market:
"The only time when the performance is better than 7 percent is when you buy in a bear market […] Bitcoin may have short-term disadvantages, but that does not change the fact that we are still in the early days of cryptocurrency, and that cryptocurrency is about to become an emerging asset class. "
According to his BlockShow address, crypto-currencies have up to now 50 million active portfolios, against 2.27 million PayPal accounts and 4.6 billion Visa and MasterCard accounts. When he compared Bitcoin (BTC) to other payment systems in terms of social network value, Lee assumed that in 10 years, Bitcoin could be worth $ 10 million per piece.
The investor also thinks that Bitcoin will be "very good" next year, despite the possibility of a possible decrease over the next three months. He based his position on the growing number of crypto currencies adopted by large companies such as Microsoft and Starbucks, as well as institutional investors. Although Lee refused to give precise figures, he told Cointelegraph that bitcoin prices were going to be "considerably higher".
On Wednesday, November 28, Bitcoin recorded its best 24-hour performance since July, gaining more than 8% of the price and trading around $ 4172 at the close of this edition. The other major currencies also turned green, Ethereum (ETH) gaining more than 10% that day.
BlockShow Asia 2018 will be held in Singapore this week, November 28-29, with a live stream on YouTube. Just days before the conference, Lee told CNBC that Bitcoin could end the year with $ 15,000, recalling its prediction of an encrypted rebound made shortly after the market began to fall in November.
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