"Bitcoin is unlike other asset classes because there is a cooperative value. You know, those people who contribute to the network benefit from it, and that's different from any other asset class," Lee explained.
Lee recalled that his firm first wrote about Bitcoin in 2017 and Bitcoin was around $1,000 at the time. Back then, Fundstrat published a white paper, which explained that there's two main variables that determine the price of Bitcoin: the number of active wallets and the activity per wallet. Bitcoin Can Easily Hit $72,500, Here's Why
"At that time, we made a simple projection. We said that in five years, by 2022, if the number of wallets went up by 70%, and activity per wallet went up by 40%, Bitcoin would be $25,000 by 2022," Lee said. The permabull called Bitcoin an"incredible technology" since it is so secure that it has never been hacked in 14 years of its existence."Not a single entry on the Bitcoin ledger is fraudulent," he added.
On Monday, the crypto king slipped below the $60,000 level for the first time in more than a month, touching an intraday low of $59,863, according to CoinGecko data. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
Source: Digital Coin News (digitalcoinnews.net)
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