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.

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Bitcoin Collectible With One BTC Inside Listed on eBay for $99,000

An eBay seller with a widely positive rating has recently listed a bitcoin collectible with one BTC (around $11,400) inside it for $99,000.

The collectible, a Casascius bitcoin token that was created in 2011, is allegedly one of a total of 27,834 Casascius bitcoin tokens a cryptocurrency enthusiast created in 2010. Each token contains a specific amount of real cryptocurrency that can be collected through a private key embedded in them.

Some have 1,000 BTC ($11.3 million) in them. The person behind the project stopped creating these coins in 2013. According to a website tracking these tokens, out of the 27,834 that were created 6,432 have already been opened, meaning the bitcoin on them has been collected.

The seller on eBay claims to be the original owner of the Casascius bitcoin token, which has been kept in its safe. As it hasn’t been touched, the private key inside will also grant the user access to one bitcoin cash, one bitcoin SV, and coins of other forks.

Casascius bitcoin listing on eBaySource: eBay

The seller claims it’ll accept real estate, land, and most cryptocurrencies as a payment method, but not PayPal, cars, or boats. Per the listing, he already sold a Casascius bitcoin token in March of this year for 5.6 BTC.

While the seller claims the token being sold has been authenticated, potential buyers should always beware of scams. According to thread on the popular Bitcointalk forum, scammers have been getting good at forging Casascius bitcoins.

As CryptoGlobe covered, earlier this year the owner of Sponsy, a blockchain-based platform that was being developed to help sponsors engage clients in a decentralized manner, tried to sell his project on eBay for $60,000 after failing to raise millions through an initial coin offering (ICO).

Update: The listing has been taken down