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Tom Lee: Bitcoin Is The Best House in a Tough Market

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Tom Lee, the CEO of Fundstrat Global, told CNBC in a recent interview that investors still believe that Bitcoin is the best cryptocurrency in a “tough market”.

The news that we have seen, from the SEC saying bitcoin’s a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market.

At the beginning of August, BTC’s price was close to $7,770. However, it started decreasing gradually, and at the time of writing, it is hovering just above $7000 at $7,049. Crypto advocates have started predicting that SEC will approve BTC ETFs by the end of this year and as a result, the price will reach new highs.

Lee said, “Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets.” Lee explained that it is recovering its share in the market and that is a positive sign.

Is BTC Back in all its Glory?

Yesterday, Bloomberg reported that Goldman Sachs might offer crypto custody services in the future. New York Stock Exchange’s parent company Intercontinental Exchange (ICE) also announced this week that it was launching a digital asset platform ‘Bakkt’, along with BTC futures contracts.

Bakkt had collaborated with Microsoft and Starbucks, which led people to believe that the latter would allow payments via BTC. However, Starbucks denied the statement and a spokesperson said, “Customers will not be able to pay for Frappuccinos with bitcoin.” The company was only partnering with Bakkt to allow users to convert cryptocurrencies into U.S. dollars which could be used at Starbucks. “At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves,” the spokesperson added.

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