2021-5-17 17:21 |
Fundstrat Global Advisors managing partner Tom Lee is unperturbed by Tesla CEO Elon Musks’ warnings about Bitcoin. He continues to be bullish on the largest cryptocurrency and doesn’t see this having a negative impact on it either. Lee said in an interview with Insider,
“I don't think it's going to get people negative on bitcoin, but it is going to get people to focus on the problems that are being created by digital assets.” “It is probably better to view it as a call to action for the bitcoin industry to focus on renewables or more efficient ways to provide proof of work.”Talking about Musk suspending Bitcoin payments, Lee said it makes sense given that Tesla is preferred for being ESG-friendly. He said,
“I imagine it would have been tough to accept bitcoin as payment because of the volatility.”
“So as a practical, treasury matter, unless Tesla is hedging the bitcoin transaction at the time of purchase, I don't know if it's great from a company perspective.”
Bitcoin Price on TrackIn response to Musk calling Bitcoin an environmental concern and being highly centralized, the price of BTC fell to $42,150, a pullback of 35% from its ATH.
However, Lee is confident in Bitcoin and actually upgrades his BTC price outlook from $100,000 to $125,000 by the end of this year.
VC Pantera Capital is of a similar opinion, saying Bitcoin is at “fair value.” The company May investor letter said,
“Bitcoin has been remarkably steady in having a compound annual growth rate of 230% — over ten years. There’ve been a few bubbles…a few bursts…but generally it’s been consistent. The 10-year regression value for bitcoin today is $55,350.96 – which is exactly where it is.”
Fair value marks “a good time to buy” Bitcoin per Pantera, which means the current price of $45,600 makes it cheaper.
Pantera Capital further shared a “fun perspective” noting in 2013, Bitcoin peaked 1,678% above fair value against the current regression model while the 2017 peak’s premium was 667%, 60% lower, 1,477 days later. It added,
“If the same amount of time occurred between that peak and the next and the premium fell by 60% again, Bitcoin would hit $370,554 on New Year’s Day, 2022.”
According to them, Bitcoin is on pace for Pantera’s price prediction from April 2020, according to which BTC would be worth $115,212 in August 2021. If the crypto asset takes longer, “the natural trend growth would hit that level February 20, 2022,” it added.
Bitcoin/USD BTCUSD 42,466.0429 -$4,106.47 -9.67% Volume 81.22 b Change -$4,106.47 Open$42,466.0429 Circulating 18.71 m Market Cap 794.64 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Fundstrat’s Tom Lee Increases Bitcoin Price EoY Target to 5k Following Elon Musk Bashing BTC first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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