Last week, when those killjoys at the SEC poo-pooed Bitcoin’s chances of a history-making appearance on the Nasdaq Stock Market, crypto fans and industry people held their collective breaths and waited for the cataclysmic backlash and inevitable value plummet. In the end, neither happened – perhaps a sign the Bitcoin is finally “growing up”?
This week, blockchain entrepreneur Tom Lee gave an interview, doing what he does best – which is bigging up Bitcoin. For the uninitiated, let’s get something straight: this Tommy Lee is not a grizzled old Oscar winning character actor, that’s Tommy Lee Jones. Nor is he the drummer for arch-hedonists and hair-metal royalty Mötley Crüe, that’s Tommy Lee.
Tom Lee – Bitcoin’s No.1 Bull
This version of Tommy (or Tom, to be exact) Lee is in a way every bit as charismatic and “cool” as his two namesakes. He is the boss of blockchain-based venture capital heavyweights Fundstrat, and an enthusiastic advocate of Bitcoin.
In September 2017, Lee earned legendary status, when – with Bitcoin valued at just $3,500 – he told investors:
“Bitcoin would be your best investment until the end of the year.”
Those who listened to him made an awful lot of money, because by December, Bitcoin’s price has soared above $19,000.
As well as being a shrewd businessman, Tom is a natural orator and a hardcore crypto supporter – Bitcoin in particular – who loves nothing more than appear on CNBC and wax-lyrical about his favorite subject.
The Best Of Tom Lee On CNBC
SEC Rejection Rocked Bitcoin – Albeit Briefly
Last week on July 26, everyone connected with Bitcoin shared in what was a crushing disappointment; the Bitcoin ETF (Exchange Traded Fund) was seemingly on the verge of acceptance on to New York’s no.2 stock market, the Nasdaq, a move endorsed by America’s “Ivy League” darlings the Winklevoss twins no less, with their “Winklevoss Bitcoin Trust Commission” campaign.
However, Bitcoin and the Winklevoss boys were cruelly rejected at the last minute by the SEC. Acceptance to the Nasdaq would have been a first for cryptocurrency, and would truly have taken Bitcoin – and crypto – into the mainstream.
After the rejection, Bitcoin and the general crypto market were expected to go into a massive meltdown, with valuations plummeting to a new lows for 2018. Ultimately, however, the so-called “meltdown” would last just a matter of five hours, and Bitcoin’s price would drop by just $500, a figure it soon recouped.
“A Sign Of Positive Change” – Tom Lee
In Lee’s opinion, the fact that Bitcoin was able to shrug off such a major disappointment, regroup, then bounce back as good as ever in a hugely positive sign of the commodity’s growing maturity, and shows investors are less likely to panic-sell. As Tom Lee said:
“It’s a sign of a positive change in crypto that bitcoin has essentially shrugged off the Winklevoss ETF rejection. If this took place in April-June, the crypto market would have seen a sizable sell-off. In short, affirming why it’s technically improving.”
At the time of writing this article, Bitcoin had once again dipped below the $8,000 mark, but nobody is panicking, and the fact that it is hovering around that figure is far more encouraging than a month ago, when BTC was struggling to stay above $6,000. Interestingly, it was around that time when Tom Lee – showing typical gung-ho spirit – announced that he believed Bitcoin would finish 2018 at a value of $25,000, a figure that once seemed a flight of fantasy, but is looking increasingly realistic.