Managing partner and head of research at Fundstrat Tom Lee has said that Bitcoin (BTC) may reach new all-time highs in the near future. Lee, who is also one of Wall Street’s Bitcoin optimists, delivered his comments during an interview with CNBC on June 18.
In the interview, Lee said that the lead cryptocurrency bitcoin is destined to become the reserve currency of the crypto space. His statement reads:
“I think bitcoin is easily going to take out its all-time highs.”
When asked whether the much-hyped Facebook’s Libra – a new stablecoin set to be released next year – will make other stablecoins disappear, Lee noted that other stablecoins will not be significantly affected by the project.
“I don’t think that they are gonna drop in value because most of them are collateralized, I think the ones that are algorithmically stable just might not have the network effect.”
Lee added that the Libra stablecoin could be one of the worst nightmares for the ageing old guard of finance.
“One thing to keep in mind: Facebook’s annual revenue per user is probably $50 […] that may be a little high. But an average bank generates close to $1,000 per user, so Facebook has a 20x upside to their customer model if they start doing banking services. […] I can see why banks aren’t really enthusiastic about this.”
Bitcoin’s winter is now over
Tom Lee had earlier made bold calls about Bitcoin and believes that the price of the top-ranking cryptocurrency will hit $40,000 in the coming months. In an interview with Bloomberg, the famous Bitcoin Bull said Bitcoin price is about to breach the level of $10,000, recovering 50% of its loses from its all-time high. He sees that breach happening soon noting that the currency surpassed the psychological $9000 mark on Sunday – a level it has never reached since May last year.