In line with a report ‘published‘ by ‘Bloomberg’, Capitalist investor and co-founder of Fundstrat Global Advisors named ‘Thomas Lee’ aforementioned that the ‘fair price of Bitcoin [BTC] is considerably over than its present worth.”
In a note delivered recently on 13th Dec., the veteran analyst reportedly said that Bitcoin’s actual price is between $13,800 USD to $14,800 USD, considering the amount of active wallet addresses, usage per account and factors influencing supply. Lee attributed the divergence to last year’s meteoric rise, an economical “meltdown” and treasury sales throughout ICOs [initial coin offerings].
Adding further, Lee stated:
“In fact, working backwards, to solve for the present value of Bitcoin [BTC], this suggests crypto wallets ought to fall to seventeen million from fifty million presently.”
Among key drivers that will drive the worth of BTC upward, Lee named mass adoption of Bitcoin and its acceptance as an asset category. He conjointly noted that the actual price of the leading cryptocurrency would reach $150,000 USD per coin, once BTC wallets account for 7 % of Visa’s 4.5 Bln account holders.
Seeing the ongoing downfall trend followed by cryptocurrencies, Lee previously also remained optimistic towards the price recovery of Bitcoin [BTC] soon. Speaking at BlockShow Asia 2018, he noted that crypto has solely 50 Mln active wallets thus far against the 254 Mln PayPal accounts in Q3 of 2018 and 4.6 Bln Visa and MasterCard accounts. In comparison of Bitcoin to other different payment systems in terms of social network price, Lee supposed that in 10 years it might be priced around $10 Mln per coin.
Despite the recent market crash, Lee reiterated his year-end worth ‘prediction‘ for Bitcoin [BTC] at $15,000 USD in late Nov. this year. The analyst detected 2 major type of crypto players, those who are “using it and have wallets in crypto,” and those who belong to a speculative aspect of the market.
In line with a report ‘published‘ by EtherDesk yesterday stated that cryptocurrency gained roughly seventeen million “verified users” this year, as per a study revealed by the Cambridge Centre for Alternative Finance. Within the initial 3 quarters of 2018 the no. of ID-verified cryptocurrency users reportedly nearly doubled, adding from 18 Mln to 35 Mln.