{"id":125903,"date":"2018-04-25T14:30:03","date_gmt":"2018-04-25T18:30:03","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=125903"},"modified":"2021-08-20T11:34:31","modified_gmt":"2021-08-20T15:34:31","slug":"fundstrats-tom-lee-thinks-bitcoin-cash-is-currently-overbought-2","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/fundstrats-tom-lee-thinks-bitcoin-cash-is-currently-overbought-2","title":{"rendered":"Fundstrat\u2019s Tom Lee Thinks Bitcoin Cash is Currently Overbought"},"content":{"rendered":"

Fundstrat\u2019s Tom Lee appeared on CNBC\u2019s Fast Money show yesterday to weigh in on the \u2018battle\u2019 between Bitcoin and Bitcoin Cash. Despite efforts by the shows presenters to illicit a partisan response from Lee, the \u2018general\u2019 remained diplomatic in his answers.<\/p>\n

Lee Steers Conversation Away From Community Infighting<\/p>\n

Even though the title of the segment is \u2018in the battle between bitcoin and bitcoin cash, Tom Lee says<\/a> buy bitcoin\u2019, Lee spent very little time addressing any conflict between the Bitcoin community. When the presenter referred to him as a \u2018general\u2019 in the \u2018battle\u2019, Lee looked bemused. He responded to a question about which to buy diplomatically:<\/p>\n

\u201cI prefer not to pick winners and losers when we\u2019re looking at cryptocurrencies like Bitcoin\/Bitcoin Cash\u2026 Both have merits but if I was putting new money to work today\u2026 I would be a lot more interested in buying a lagger that could attract inflows rather than something that\u2019s potentially overbought.\u201d<\/p>\n

He addressed the issue of Bitcoin Cash being overbought, stating the pending hard fork in BCH was likely driving the rising price seen in the asset over the last couple of days.<\/p>\n

The Fundstat co-founder was then asked if he thought Bitcoin was acting as an indicator for the stock market. To this, the investor replied that he thought the two were casually connected at best.<\/p>\n

Perhaps the most interesting portion of the show was when the conversation turned to adoption of cryptos by institutional investors. When asked if he thought more large money managers were \u2018allowed\u2019 exposure to BTC and other currencies, Lee responded:<\/p>\n

\u201cEvery week that passes there\u2019s further progress and further clarity. I think more clients are starting to be very serious about how they want to have exposure to this asset class\u2026 We\u2019re having more conversations with people you\u2019d never think would actually have an interest who want to talk about it.\u201d<\/p>\n

This lead to questions about the Goldman Sachs<\/a> trading desk that\u2019s penned to launch this summer. Lee affirmed that he believed the move by the investment bank was indicative of the digital asset class going more mainstream. He said that he felt that it was a sign that the space was maturing thanks to greater \u2018clarity and custody\u2019, as well as there being a lot of money to be potentially made. The interview concluded with Lee explaining the Bitcoin Misery Index to a panel more concerned with the fact that the acronym was the same as \u2018body mass index.\u2019<\/p>\n

Tom Lee has long been bullish on Bitcoin and digital currencies generally. His recent price predictions state that there will be new all-time highs<\/a> for BTC by the end of the year. He\u2019s also claimed that each Bitcoin could be worth $55,000 by the year 2022<\/a>.<\/p>\n

Image from Shutterstock.<\/p>\n

The post Fundstrat\u2019s Tom Lee Thinks Bitcoin Cash is Currently Overbought<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fundstrat\u2019s Tom Lee appeared on CNBC\u2019s Fast Money show yesterday to weigh in on the \u2018battle\u2019 between Bitcoin and Bitcoin Cash. 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