Published on September 15th, 2017 | by bitcoin0
Ignoring volatility, strategist Tom Lee predicts 600% bitcoin surge in 5 years
It’s going to take more than a double-digit percentage drop in a week to shake strategist Tom Lee’s faith in the potential of bitcoin.
“It’s not worth it to look at bitcoin two months, two weeks ahead,” Lee argued, saying he still believes each bitcoin will be worth $25,000 in five years or about 600 percent higher than current levels.
In early trading on Friday, bitcoin fell below the $3,000 level before turning higher in volatile action.
But China’s recent crackdown on bitcoin exchanges there has created some forced selling, Lee said.
Lee also said bitcoin can’t be in a “bubble,” another assertion of bitcoin doubters, because so few people actually own it.