3 reasons for the crypto rally, according to Fundstrat’s Tom Lee

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As cryptocurrencies continue to climb steadily to historic highs, Fundstrat’s Tom Lee provided three reasons for the recent rally Thursday on CNBC’s “Closing Bell”.

Cryptocurrencies serve as a hedge against inflation, it’s a better option than gold, he said. It’s a risky asset for investors outside of the United States, Lee said. “In emerging markets, when people have a flow of excess savings, they are more likely to buy crypto than to buy. [for example] Taiwan stock market. “Millennials prefer to buy crypto and treat it like stocks,” he said. “So I think you kind of have three sources of money flow that are going to benefit crypto. ”

Lee still believes Bitcoin (CRYPTO: BTC) may exceed $ 100,000 this year.

BTC Price Action: Bitcoin is up 71.2% year-to-date.

Bitcoin was up 2.72% to $ 49,591 at the time of publication.

Photo: Miloslav Hamik from Pixabay.

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