Bitcoin Bull Tom Lee Sticking to his $25k Prediction

Avi Rosten
  • The well-known bitcoin bull is still standing by his predictions for BTC, seeing the coin hit $25k in 2018
  • Identifying several factors that will push the price up - Lee sees increasing institutional investmtent as crucial

Tom Lee, Co-founder and Managing Partner of Fundstrat Global Advisors is doubling down on his bullish bitcoin predictions for 2018 despite the recent slump.

In an email to CNBC, the well-known bitcoin bull said that despite the cryptocurrency recently losing nearly all of the gains it has made since mid-April, he still sees the coin hitting his previously predicted high of $25,000 for 2018.

BTC today dropped below the $8,000 mark for the first time in over a month and is trading at the time of writing at $7529 according to CryptoCompare - a 41% drop for the year.

Lee however, attributes this latest drop purely to “typical crypto volatility” and identified several factors that he sees pushing the coin up to new highs in 2018.

The biggest factor in his opinion is the increasing involvement of institutional investors in the crypto space.

Talking to CNBC’s “Futures Now” yesterday, Lee commented:

"I think institutional investors have gained a lot of interest, and they haven't really come into crypto yet because there is still some regulatory uncertainty. But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why bitcoin rallies."

Tom Lee

Moreover, historical data from Fundstrat he says corroborate his optimistic outlook:

"Historically, 10 days comprise all the performance in any single year of bitcoin's price," he said. "If you just took out those 10 days, bitcoin's down 25 percent a year. So as miserable as it feels holding bitcoin at $8,000, the move from $8,000 to $25,000 will happen in a handful of days."

Tom Lee

While Lee’s latest remarks were confidently bullish, the influential figure made a notable error of judgement recently when he incorrectly predicted a 70% surge for bitcoin around the Consensus Conference of last week - a mistake he later attributed to a greater need for regulatory clarity.

Satoshi Nakamoto? Chinese Citizen Files Copyright Registration for Bitcoin Whitepaper

Francisco Memoria

A Chinese citizen has recently filed a copyright registration for the Bitcoin whitepaper and original code, authored by Satoshi Nakamoto. The filing comes shortly after Australian entrepreneur Craig Wright controversially filed a copyright registration for them as well.

The Chinese citizen, Wei Liu, is seemingly also claiming to have created Bitcoin whitepaper and original code, under the Satoshi pseudonym. His copyright registration is dated May 24, 2019, while that of Craig Wright is dated April 11, 2019.

As covered, shortly after it was public that Wright filed the copyright registration the cryptocurrency he supports and helped create, Bitcoin Satoshi’s Vision (BSV), saw its price surge 80% as supporters likely started buying the cryptocurrency.

It currently isn’t clear who Wei Liu is, or why he filed the copyright registration. Some believe it may have been filed to counter Wright’s move and show that anyone can file these claims.  The U.S. Copyright Office, reacting to controversy surrounding the entrepreneur’s filing, pointed out it didn’t recognize him as Bitcoin’s creator. The press release read:

As a general rule, when the Copyright Office receives an application for registration, the claimant certifies as to the truth of the statements made in the submitted materials. The Copyright Office does not investigate the truth of any statement made.

The Copyright Office noted that in cases in which work is registered under a pseudonym, it doesn’t investigate whether there’s a “provable connection between the claimant and the pseudonymous author.”

As CoinDesk notes, a press release shared at the time revealed Wright plans to assign the copyright registration to the Bitcoin Association, a “global industry organization for Bitcoin businesses” that supports BSV and owns its client software.

The Australian entrepreneur is notably known for claiming to be Satoshi Nakamoto, and while some of his supporters claim to have seen proof, critics claim indisputable proof, like moving some of the first mined bitcoins, has never been provided.

Recently, however, scams took advantage of the situation and helped BSV’s price surge 70% by claiming Wright proved to be Satoshi Nakamoto while posing as a Chinese news outlet.