Fundstrat’s Tom Lee Calls Bitcoin Battle Tested, Says There’s Reason to Be Bullish on BTC

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Tom Lee, Managing Partner of Fundstrat Global Advisors, says he is optimistic about the future of Bitcoin (BTC) after the king of crypto survived numerous challenges.

In a new CNBC Squawk Box interview, Lee says Bitcoin’s ability to perform well despite regulatory crackdown indicates the digital asset is here to stay.

It’s been pretty tested this year because some of the biggest regulatory hammers fell on crypto and bitcoin and they bottomed out. He found his bottom.

Lee also says that while the crypto space has seen bad players, more traditional financial players are taking their place, which could mean a better future for Bitcoin.

It’s still kind of an exit stage for a lot of players, but then we replaced them with some of the mainstream players that have a lot of credibility like BlackRock and the Citadels entering Bitcoin. So I think there are reasons to be optimistic.

According to Lee, miners are making money and Bitcoin is showing a lot of technical support.

He adds that Bitcoin is more popular among millennials, someone born between 1981 and 1994, and they will soon inherit huge amounts of wealth, which will likely lead to an increase in the number of Bitcoin holders.

It’s like a generational thing. I think [gold] is kind of a baby boomer and Bitcoin is more millennial. But as we know, over the next 20 years, much of the wealth will be transferred to young people. There are only 100 million global Bitcoin holders.

Bitcoin is trading for $30,668 at the time of writing, up 1.8% in the last 24 hours.

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