Financial analyst and former chief strategist-analyst JPMorgan Chase, Tom Lee (Tom Lee) believes that in 2018, bitcoin can easily grow by two or even three times. He told about it on the air of the CNBC channel. Despite the fall in the rate of this cryptocurrency at the end of December, Lee continues to give optimistic predictions about her future fate:
Even with the risk adjustment, I think that bitcoin will easily bypass S & P performance. In the long term [bitcoin is more convenient to consider] as substitution [for gold] or a means of accumulation ...
If bitcoin gets 5% of the gold market, it's about $ 50 thousand. This is an increase of more than 200% from the level at which it is traded now.
In the short term, Lee sees the return of bitcoin to the December position:
If in the first half of the year [bitcoin] grows [up to $ 20 thousand], I believe that in the second half of the year we will see even more significant growth. I think bitcoin is still the one that is worth having.
Recall that in November, Tom Lee predicted the growth of bitcoin to $ 11,500 by mid-2018, based on the increasing base holders of this cryptocurrency. Earlier he said that in 5 years the price of bitcoin would be at least $ 25 thousand. In his forecasts, Lee is guided by Metcalfe's law, according to which the utility of the network is proportional to the square of the number of users of this network. Multiplying the number of users by the cost of the transaction, you can get the cost of bitcoin. According to the strategist, 94% of all bitcoin movements in the last four years can be explained by this equation.
