“I’d Put My New Money In Bitcoin Over Bitcoin Cash” - Says Tom Lee

Avi Rosten
  • Lee said that new money is still best invested in bitcoin over rival bitcoin cash
  • His latest comments come amid struggle between proponents of BTC and BCH

Tom Lee, Co-founder and Managing Partner of Fundstrat Global Advisors, has re-affirmed his commitment to bitcoin, commenting that he would favour buying the largest cryptocurrency (by market share) over its rival bitcoin cash (BCH).

Talking to CNBC’s Fast Money, the former chief US equity strategist for JP Morgan, when asked which of the coins he preferred in the current “war” between the two, said that while he didn’t like “taking sides” - nonetheless:

“If I was putting new money to work, a fresh dollar, I’d be much more interested in buying a laggard that could attract inflows, rather than something that is potentially overbought.”

Tom Lee

The ongoing "war" between BTC and BCH advocates is one of the biggest controversies in the crypto-world, gaining momentum with the creation of bitcoin cash following the hard-fork (the generation of an entirely new Blockchain network and new cryptocurrency) of August 2017.

The ongoing debate has its roots in the one megabyte block size limit that Satoshi Nakomoto, the creator of Bitcoin, set for the currency - with critics of BTC moving away from the coin as the lack of capacity has made the network slower and costlier for users as it has grown.

Seen by many to stem at root from conflicting conceptions of the function of the currency - whether it's primarily a store of value or should be an easy-to-use currency, the controversy has recently come to a head in anticipation of the upcoming BCH hard-fork in May.

Lee’s Bullish Expectations

In addition to his comments regarding the BTC-BCH battle, Lee was also asked how he saw the financial world adopting bitcoin, responding that:

“every week that passes there’s further progress, further clarity, …more conversations with people you’d never think have interest,”

Tom Lee

And that Goldman Sach’s recent appointment of a full-time crypto trader was a:

“good thing - it’s a sign that a major investment bank believes there’s enough clarity, custody and money to be made…. a sign its becoming mainstream…”

Tom Lee

His latest comments echo his previous positive predictions, with Lee recently telling Bloomberg that he expects bitcoin to hit $25,000 by the end of 2018.