Tom Lee: a bear market - the golden time for bitcoin investors
Well-known analyst, co-founder of Fundstrat Global Advisors, Tom Lee, is confident that the bearish trend, which has been going on for almost a year, is the “golden time” for participants in the cryptocurrency market. This information was reported by the Cointelegraph.
Lee spoke at the BlockShow Asia 2018 conference, where he named the factors that led to the current market situation.
But, in spite of this, the analyst stressed that he is optimistic. Describing the situation on the market, Lee stressed that Bitcoin is now being corrected. As a result, the value of Bitcoin fell below the 200-day moving average [EMA].
But after some time, the cost of Bitcoin will rise again. Perhaps this will not happen as soon as expected. But it will definitely happen in the next 2-3 years. That is why, now is the golden time for cryptoinvestors.
Tom Lee is confident that cryptocurrency is a full-fledged asset class. He also believes that investment income will reach above 7% only if you buy cryptoactive assets in a bear market.
Tom Lee is confident that the decline in Bitcoin cost is short term.
Cryptocurrency regulation is present in the final G20 summit declaration
The G-20 summit ended on Saturday in Buenos Aires. The heads of the participating countries signed the final declaration. The document stressed the need to regulate the cryptocurrency industry.
At the G20 summit, it was decided to reform the World Trade Organization (WTO). Also, the leaders of the G-20 countries stressed that they would do everything possible to grow the economy.
It is worth noting that the document mentions the cryptocurrencies and digital technologies that underlie them. The declaration confirms the need to regulate digital assets in order to build an “open and stable financial system”.
The declaration mentions the need to create a sustainable international tax system that will respond to the spirit of the times. G20 countries will make a decision that will meet the conditions for the digitalization of the economy.
Countries will separately develop proposals for uniform tax rules. And they will gather to discuss them at the next summit in 2019 in Japan.
Cryptocurrencies will lead global economic change
Tim Draper, a venture investor who previously predicted the growth of Bitcoin to $ 250,000 by 2022, is convinced that the world economy will soon be based on cryptocurrencies.
Draper says that $ 86 trillion is now in government currencies, as the market capitalization is $ 150 billion. He is sure that this ratio will change in the direction of cryptocurrency, as they are faster and more affordable to maintain.
Draper believes that clinging to traditional government currencies is a big mistake. When the ratio between fiat and cryptocurrency assets becomes 50 to 50, it will be more convenient to use cryptocurrencies than ordinary money.
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