Market strategist Michael Lee says that he sees bitcoin reaching new all-time highs. Lee was on Fox Enterprise Monday in an interview to speak about his outlook on bitcoin. Lee is the founding father of funding agency Michael Lee Technique which gives wealth planning and funding administration to shoppers. Michael Lee Technique gives its providers as an funding adviser consultant by Compass Monetary.
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The founder sees a superb future forward for bitcoin which he explains as a momentum asset class. Michael Lee who’s an investor himself doesn’t imagine bitcoin will probably be slowing down quickly, calling even new all-time highs for the digital asset as extra time passes. Based on Lee, he believes that the digital asset will certainly herald as a lot revenue or much more than any of the opposite digital currencies at the moment available in the market.
The Finest Days Are Forward For Cryptocurrencies
Market strategist Lee mentioned within the interview that one of the best days stay forward for cryptocurrencies, and specifically, bitcoin. The strategist defined that bitcoin is a primary mover available in the market. Predicting the asset will just do in addition to different digital property and even higher than others.
BTC market cap now sits at $718 billion | Supply: Market Cap BTC on TradingView.com
Talking about fed regulation for bitcoin and cryptocurrencies, Lee mentioned, “I believe it’s a very long time earlier than we see any type of taper or any type of restrictive coverage from the Fed.” Lee continued on to say, “it’s not solely like that with the Fed. It’s additionally like that with central banks worldwide.”
Lee’s resolve in the way forward for the coin seems to be unshaken, trying positively forward for the worth efficiency of the coin going ahead.
Bitcoin Excessive Value A Consequence Of Limitless Cash Printing
Michael Lee additionally took time within the interview to handle the present speculations available in the market that join the latest bitcoin value surge to the rumors of Amazon including digital currencies on its platform. Speaking on this, Lee mentioned that the idea of the worth surge being associated to the worth enhance was flawed.
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Lee attributed the expansion of the digital asset to $60,000 again in April was as a result of governments printing cash and never limiting the quantity of fiat being printed.
The founder identified that it was exhausting to elucidate how the worth actions work. However associated this to buying and selling actions being carried out within the crypto market.
I believe it’s exhausting to elucidate a few of these strikes, however it’s a really a lot a momentum asset class. So, as quickly as you get a bit little bit of momentum to the upside, the comply with on trades simply hold coming and coming and coming. After which unexpectedly you go from $29,000 to nearly $40,000 within the span of a bit over every week.
Featured picture from Forbes, chart from TradingView.com