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.

Dutch Billionaire Calls Agreement With Facebook 'Impossible' in Bitcoin Ad Lawsuit

  • Dutch billionaire John de Mol has asked for a ruling in his lawsuit against Facebook after negotiations have failed.
  • De Mol's lawsuit centers around fake bitcoin ads using his name and likeness. 

Dutch billionaire and ‘Big Brother’ creator John de Mol has issued an update on his lawsuit against Facebook concerning the publication of fake bitcoin advertisements using his likeness for promotion. De Mol says negotiations with the social media company have deteriorated, and is pushing for Dutch courts to deliver a ruling on the case.

Fake Bitcoin Advertisements

De Mol claims that he has been frustrated by a series of bitcoin-related ads that have falsely used his name and likeness for promotion on the social media platform. Despite efforts to negotiate with Facebook, de Mol says that it has been “impossible” to come to an agreement over the false advertisements. 

The billionaire businessman first filed the lawsuit in June and is now asking the Amsterdam District Court to make a ruling in the case.  De Mol released a statement explaining his situation, 

After three months of negotiating it has become clear to me that it is impossible to come to an agreement with Facebook on the misleading bitcoin advertisements.

He continued, 

While the company seemed to be cooperating, it was merely a smokescreen that concealed its reluctance to put in place the desired measures in a timely and correct manner.

Facebook has yet to comment on the issue, but de Mol is not the first person to complain about fake bitcoin ads on the platform. In August, New Zealand TV host Duncan Garner insisted that he was not behind a series of Facebook ads using his likeness to promote bitcoin and expensive cars. 

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