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.

Rich Dad Poor Dad Author Explains His Endorsement of Bitcoin

Michael LaVere
  • Rich Dad Poor Dad author Robert Kiyosaki explained his endorsement of bitcoin as an asset outside of traditional financial markets.
  • Kiyosaki criticized the Fed, calling it a "cartel" that controls the world. 

Robert Kiyosaki explained his support for bitcoin as an asset that operates outside of the traditional financial system. Kiyosaki, author of the popular financial book Rich Dad Poor Dad, appeared on Morgan Creek Digital co-founder Anthony Pompliano’s podcast where he discussed the benefits of bitcoin. 

According to Kiyosaki, bitcoin functions as an escape asset that operates outside of the existing financial markets. He said, 

The reason I endorse Bitcoin is because for one frickin reason: You’re not part of the system. It’s a separation of government and my money.

Kiyosaki repeatedly referred to the existing economic model as a manipulated system and commented on the Federal Reserve providing bailouts amid the coronavirus-induce market drop that saw all major U.S. stock market indicies enter bear market territory.

He told Pompliano. 

The Fed [Federal Reserve] is not a bank, it’s a cartel owned by the richest people on the planet, which we’ll never see. The guys that own the Fed control the world.

Kiyosaki criticized the government’s stimulus package as a handout to American citizens, saying the coronavirus pandemic is "probably real" and will see people "get so desperate" they will just "take the money." He likened the current situation to communism.

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