One of bitcoin’s biggest defenders is sticking with his prediction that bitcoin is a great investment. Tom Lee, the co-founder of Fundstrat, told CNBC that he still believes bitcoin will be worth $25,000 per coin in five years.
“I unequivocally believe bitcoin is your best investment to the end of the year,” Lee said. “It’s not worth it to look at bitcoin two months, two weeks ahead.”
Bitcoin and other cryptocurrencies have been severely dropping in price since the beginning of September. Where once legacy bitcoin (BTC) neared the $5,000 mark, it fell below $3,000 in early trading today. The plunge has been precipitated by China’s decision to shutter its domestic exchanges and remarks by JP Morgan Chase CEO Jamie Dimon, who termed bitcoin “a fraud” at a recent financial conference.
Lee, a former top strategist at JP Morgan before founding his own firm, has long been bullish on bitcoin’s prospects. Interviewed on CNBC’s “Fast Money” show in August, he said bitcoin appears likely to out-perform stocks and bonds until the end of the year. Lee was the first major Wall Street analyst to issue a report on bitcoin and has predicted valuations topping the $55,000 mark in five years.-