Tom Lee Explains Why Bitcoin Surged Maintaining His Bullish Stance On BTC, Is A Recovery On the Way?

Reddit co-founder praises Bitcoin, says it's a store of value against hyperinflation; to fuel new internet

Bitcoin News Today – Bitcoin is the number one in the cryptocurrency market. It has had a dazzling past and still seemed set to dazzle again as it rockets past the $13,000 mark. Bitcoin BTC ended last month under $10,000. It had been having a volatile time before but hit July with a strong note. The price of Bitcoin rose to $12,000 and remained steady at that amount. It had a slight dip but quickly recovered and has since been coming on strong. Bitcoin BTC is currently priced at a little above the $13,000 mark and there are speculations that things can only get better for the cryptocurrency giant.

Analysts and financial researchers have given diverse reasons for Bitcoin’s strong and domineering presence in the cryptocurrency world, some of which were false and some rang true. Bitcoin News Today learned some of the reasons given to the phenomenal rise of Bitcoin.

Bitcoin News Today – Bitcoin News Today – Bitcoin Price Prediction – Fundstrat’s Tom Lee Lists Factors Behind The Financial Growth Of Bitcoin

According to Thomas Lee of Fundstrat Global Advisors, one reason given for Bitcoin’s popularity is that fact that financial institutions are beginning to see the place of cryptocurrency in the financial market of today. With talks of the stability of Bitcoin and other cryptocurrency, banks and financial institutions are beginning to take the crypto banks seriously. This has switched the spotlight to cryptocurrency and the involvement of speculators and traders. With the positive results from Bitcoin price prediction, the financial banks and institution now see crypto banks as viable financial partners.

Another reason given for the rise in the value of Bitcoin BTC by Lee is the use of cryptocurrency as a hedge for financial and macroeconomic risks. The positive result of Bitcoin BTC from the $8,000 mark some weeks back to the present $13,000 is reassuring. Institutions, governments, and economists are turning to cryptocurrency as a buffer to inflation and debasement of local currency.

Finally, Thomas Lee spoke on the reason Bitcoin’s future seems bright was that one of the largest social media networks in the world had endorsed cryptocurrency. With the advent of Facebook in the cryptocurrency market, cryptocurrency and all the players involved would get the much-needed awareness and publicity that may have been lacking. With over 2 billion Facebook users and most of that number from the younger generation, the future of cryptocurrency seemed sealed in stone. In light of this fact, there is a Bitcoin price prediction speculating that with an increase in the awareness of cryptocurrency through a social media network like facebook, a fraction of the users will join the cryptocurrency market and a larger number of that percentage going to Bitcoin.

Bitcoin (BTC) Price Today – BTC / USD [ccpw id=”8759″]

Analysts have predicted that Bitcoin could be heading for a series of all-time highs that could propel it over the $20,000 mark and into the $30,000. Speculations by crypto analysts that Bitcoin BTC will reach the $100,000 mark before the next few years no more seem as far-fetched as before. Bitcoin has continued to see an increase in its price value over the last few days. Some may see that as a sign of better things to come and may be willing to join the bandwagon.

Cryptocurrency may have been the laughing stock of the financial and economic market some years back but that isn’t the case anymore. Bitcoin’s performance in the financial market has shown that cryptocurrency is here to stay.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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