Bitcoin’s big sell-off this week hasn’t prevented one of its most prominent supporters from continuing his exceedingly bullish outlook on the digital currency’s future. The head of research at Fundstrat Global Advisors, Thomas J. Lee, was among the first in the conventional financial industry to be optimistic about cryptocurrencies, while others were skeptical due to its severe volatility. According to the expert, bitcoin, the world’s biggest cryptocurrency by market capitalization, will almost quadruple its overall value to more than $1.2 trillion by the end of 2018.
Bitcoin fell below $10,000 on Wednesday, only weeks after reaching near-all-time highs of almost $20,000 in mid-December, driving investors into a selling frenzy. While many on Wall Street have urged customers to avoid bitcoin and other cryptocurrencies such as ethereum, ripple, and litecoin, others advise remaining put since long-term cryptocurrency investors are used to extreme price changes.
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As bitcoin recovered marginally from the crypto currency fall on Thursday evening, reaching $11,771, Fundstrat’s Lee raised his five-year price expectations for bitcoin. In October, the expert predicted that bitcoin will be worth $25,000 in 2022. He has now increased his estimate by 400% to $125,000. He sees $9,000 as the bitcoin bottom, with the digital currency rising to $20,000 by midyear and $25,000 by year’s end.
Lee advised investors to acquire more digital currencies, predicting that large-cap coins will rise in value in 2018. He forecasts ethereum, a blockchain-enabled currency, will climb to $1,900 from $1,036 by the end of 2018, and ethereumclassic, a blend of bitcoin and ethereum, to rise to $60 from $29.84 during the same time period. The Fundstratanalyst also advised purchasing Neo, which he believes will rise from $141 to $225 this year. (See also: Goldman Sachs: Bitcoin Is the New Gold.)
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns cryptocurrencies as of the day this post was published.
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