Bitcoin bull and Fundstrat founder, Tom Lee thinks we are on the verge of another wild run in the cryptocurrency markets.
While appearing as a guest on CNBC, Lee states that the announcement of the details of Facebook’s cryptocurrency project is a huge plus for the crypto space, and legitimizes blockchain technology and the decentralization of finance in general.
Lee has been known to be extremely bullish on Bitcoin for a while now. But as more and more positive developments pile up, he foresees a rash of “FOMO” taking the digital asset to new highs within the next couple of months.
Lee also joined Binance’s CFO Wei Zhou’s podcast and commented on the recent bullish action in the Bitcoin market. He told Zhou that $10k is an important landmark.
“If bitcoin somehow manages to get to $10,000, it’s very likely going to make a run to $40,000 within five months.”
The next bull run could be comprised of a mixture of retail FOMO and institutional investors.
“Every institution is going to realize, look at $10,000 it’s likely to go back to its all-time high, which is double. There are very few things that can double. So I think FOMO truly gets triggered once bitcoin hits $10,000.”
Lee contends that if there’s money to be made, the sharks will be circling.
“At the end of the day, Wall Street – if there’s a known asset class and they believe they can have an edge, they’re going to be quite interested in investing in it.”
A lack of understanding has kept many investors out of the space. But Lee thinks this will soon come to an end.
“At the right tipping point, and it’s either going to be because of the size of the blockchain or the size of the crypto market itself, Wall Street’s going to suddenly say, ‘Hey look, I don’t care if I understand exactly what’s happening but if I can make a lot of money let’s go ahead and do it.’”
Lee hasn’t exactly been spot on when making cryptocurrency forecasts over the last year. But he isn’t the only one claiming that the bears are gone. This next surge could be boosted by all of the work that developers have done over the past year and an influx of new money.