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Three Reasons Why Fundstrat’s Tom Lee Is Optimistic About Bitcoin’s Price Next Year

Well, it hasn’t been smooth sailing for bitcoin as of late. After rallying to $7,790, the crypto is now down to $7,349.32. The downside amounts to 24-hour losses of 4.68 percent for BTC, indicating that it could soon test the support at $7,000. While the short-term outlook looks bearish, Tom Lee is not the least bit spooked and he expects a bullish trend in 2020, according to a recent visit he made to CNBC. Lee: Increased Scrutiny Dragged Bitcoin Down Lee, a bitcoin perma-bull and Head of Research at Fundstrat Global Advisors, appeared on CNBC’s Market Alert to discuss the current state of the small-cap stocks and bitcoin. Speaking about the recent downturn witnessed in the cryptocurrency market, Lee claimed that increased scrutiny around cryptocurrencies caused the slump over the past few months. He quipped that such scrutiny became the order of the day, especially in the US (Libra Congressional hearings, for instance) and this has hampered cryptocurrency adoption, subsequently pulling down the prices. However, Lee noted that even though bitcoin is presently in uncharted waters, it still doesn’t change the macro-perspective of the price because there’s plenty of reasons to be very optimistic come 2020. 3 Key Indicators To Boost Bitcoin In 2020 Explaining why he believes 2020 will be good for bitcoin, Lee identified three indicators that are bullish for the price of the crypto-asset. Firstly, he noted that the rally seen in the US stock market – most equities are at record highs- usually increases risk appetite in investors who then add capital to bitcoin and other assets that are viewed as risky. Moreover, he cited that bitcoin’s best performing years are consistent with high-performing years in the S&P 500 and other equities. Secondly, he cited the bitcoin halving scheduled for May 2020. Halving gives bitcoin artificial scarcity and it has historically preceded a massive rally. Tom Lee predicts that the reduced supply will bolster the bulls. Lastly, Lee points to the regulatory developments in China which he believes are less bad compared to in the United States. While China is sending mixed signals regarding cryptocurrencies, he thinks the Chinese government is “clearly more pro-digital assets and blockchain and underlying that is cryptocurrencies”. The post Three Reasons Why Fundstrat’s Tom Lee Is Optimistic About Bitcoin’s Price Next Year appeared first on ZyCrypto.
ZyCrypto

No ETF Until Bitcoin Sees $150K, Says Tom Lee

Crypto markets are too small and Bitcoin would need to see prices around $150,000 to warrant an ETF. That’s the view of Fundstrat Global co-founder, Tom Lee. According to Lee, market size is key to unlocking SEC approval for an ETF. The total capitalization of the cryptocurrency market is currently hovering just under $250 billion, according to CoinMarketCap. Bitcoin accounts for over 65 percent of its value. Courtesy CoinMarketCap, Total Market Capitalization SEC Doing a Great Job Lee argues that the commission is doing its job “establishing protections for individuals” as it issues repeated rejections of rule change applications that would allow an ETF. “The SEC needs to punt the ETF until crypto becomes bigger,” Lee remarked at the Blockshow conference in Singapore last week. Last month, the regulator denied a Bitwise ETF application on the grounds that it failed to demonstrate how it would “prevent fraudulent and manipulative acts and practices.” The commission also questioned the application’s plans to create a fund that based its pricing structure on data from only five percent of the market — namely, exchanges believed to only host real trading. “A surveillance-sharing agreement must be entered into with a “significant market” to assist in detecting and deterring manipulation of the ETP, because a person attempting to manipulate the ETP is reasonably likely to also engage in trading activity on that “significant market,” the commission wrote in its release. With Bitwise itself declaring 95 percent of reported volume to be fake, the SEC cannot approve of a crypto ETF. Lee pointed out that exchange-traded products can see $13 billion worth of demand in their first year. Bitcoin’s current reported volume is a little over $18 billion, according to CoinMarketCap. But five percent of that is less than one billion dollars, meaning that a high profile ETF could overwhelm the market with derivative products. That would create an unprecedented incentive for Bitcoin whales to manipulate spot prices. Bitcoin Needs to See $150,000 Prices Before an ETF Lee estimated that the price of Bitcoin would need to be roughly $150,000 before a Bitcoin ETF was approved. That would represent a 17-fold increase from its current price of around $8,500. While he conceded that “demand for an ETF is monstrous,” his views suggest a Bitcoin exchange-traded fund could be years away, unless it enjoys a sudden uptick in price. The well-known analyst is regarded as a perennial Bitcoin bull, but he has recently begun cooling some of his rhetoric. Last week’s statements echoed his belief in Bitcoin as a long-term investment. He also underscored the healthy role the SEC is playing. By repeatedly denying ETF applications, the regulator is actually helping crypto become mainstream. Lee remarked that “If you’re involved in crypto, the SEC can look like an obstacle… but if the SEC is someone that people trust… that’s how you get the mainstream willing to get involved in crypto.” The post No ETF Until Bitcoin Sees $150K, Says Tom Lee appeared first on Crypto Briefing.
CryptoBriefing

Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says

Bitcoin would need to surge past $150,000 per coin to make an exchange-traded fund for the coin feasible, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg. The estimate requires a 1,670% gain for the popular cryptocurrency. It traded at roughly $8,488 as of 3 p.m. ET Friday. Large fund launches can bring in $13 billion in first-year interest, and the buzz around cryptocurrencies remains healthy, Lee said.  Lee praised the Securities and Exchange Commission for the crypto-related regulation it's done so far, saying "institutions aren't going to touch crypto" until the SEC endorses products like ETFs and other funds. Watch bitcoin trade live here. Bitcoin would need to surge past $150,000 per coin to make an exchange-traded fund for the cryptocurrency work, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg. Such an advance would mark a roughly 1,670% increase from current levels. Several firms look to ride the hype behind crypto-coins through related ETFs, but the Securities and Exchange Commission has mostly stifled attempts to form such alternative assets. The $200 billion crypto sector enjoyed a moderate recovery from an early-fall trough, but it still has a way to go to meet demand necessary for an ETF, Lee said. "The SEC needs to punt the ETF until crypto becomes bigger," Lee reportedly said at conference in Singapore on Friday, adding that "demand for an ETF is monstrous." Large fund releases can bring in around $13 billion in first-year demand, and the buzz around cryptocurrencies remains healthy, according to Lee. His $150,000 estimate requires a 1,670% gain from bitcoin's current price. The digital currency traded at $8,488 per coin at 3:00 p.m. ET Friday.  The managing partner praised the SEC's regulation around cryptocurrencies so far. The agency may "look like an obstacle," but it's doing a "great job" at keeping investors protected, he said, according to Bloomberg. "Institutions aren't going to touch crypto if they think the SEC isn't doing a good job," Lee reportedly added. Now read more markets coverage from Markets Insider and Business Insider: The 40-day GM strike cost the automaker nearly $3 billion — and BAML says Fiat Chrysler is most at risk of a future walkout Apple is now worth more than the entire US energy sector: BAML Legendary venture capitalist Ben Horowitz on culture mistakes most companies make, diversity in leadership, and the outlook for cryptoJoin the conversation about this story » NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption
Business Insider

Tom Lee: Now Isn’t the Time for a Bitcoin ETF

Tom Lee has always been very adamant about bitcoin, but in a recent interview, he says that the space is way too small for a bitcoin-based exchange-traded fund (ETF) to work. Lee: Now Just Isn’t the Time There have been many attempts to get cryptocurrency ETFs approved over the past several years, but none have been successful. One of the ETF proposals that many believed would really pave the way for future bitcoin and blockchain-based products was the ETF application submitted by Van Eck Solid X, the joint venture that ultimately made its first attempt in March of 2017. That and the second attempt amounted to nothing, but the third seemed to garner attention from the Securities and Exchange Commission (SEC). The proposal was later published for public review and for comment by industry experts. It received widespread acclaim and seemed to spell out a future in which crypto ETFs would become normal, everyday products that traders could enjoy. Unfortunately, a long string of delayed decisions from the SEC really seemed to take their toll on the proposal. Finally, after more than a year in circulation, Van Eck decided to pull the plug on its own application when it was set to undergo a final decision-making process by the agency. When Van Eck Solid X didn’t produce the results people were looking for, they eventually turned to Bitwise, which was deemed the second-largest company after Van Eck to produce and submit such an application. That proposal was later flat-out turned down by the SEC, causing many to believe that the future of a bitcoin ETF was over before it even began. While Lee isn’t necessarily against ETFs, he doesn’t think right now is the time for them. He further praised the SEC for turning the proposals down, saying that the space needs a to grow beyond the $200 billion mark before it can gain any solid ground. The SEC Is Doing Its Job He explains: The SEC needs to punt the ETF until crypto becomes bigger… The SEC is doing a great job… Demand for an ETF is monstrous… If you’re involved in crypto, the SEC can look like an obstacle. They’re establishing protections for individuals and right now, it’s not convenient for the industry, but if the SEC is someone that people trust, that’s how you get the mainstream willing to get involved in crypto. Institutions aren’t going to touch crypto if they think the SEC isn’t doing a good job. Lee is most famous for his highly bullish bitcoin price predictions. He made headlines in 2018 when he predicted – despite the currency’s continually falling price – that BTC would end the year somewhere between $15,000 and $25,000. Earlier in 2019, he stated that the year was likely to end with bitcoin trading at $40,000. The post Tom Lee: Now Isn’t the Time for a Bitcoin ETF appeared first on Live Bitcoin News.
Live Bitcoin News

Fundstrat Tom Lee: Current Bitcoin Market too Small to Keep Up with ETF Market Demand

Cryptocurrency and especially Bitcoin investors have long been arguing in favor of an exchange-traded fund (ETF) from the regulators, but up until now, not a single application (the last rejection being that of Bitwise) has been approved by the United States Security and Exchange Commission (SEC). These investors believe that an ETF would lead to […]
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This week Twitter users have a lot of topic for discussion: Tom Lee states to Central Bankers, BTC needs support, Coinbase and Bitcoin adoption — all this in this digest

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Weiss Ratings Downgrades EOS for Centralization

The Weiss Crypto Ratings chart saw EOS slide down the ranks. Weiss downgraded the project, pointing centralization as the chief reason. Weiss Moved EOS Down Straight to C- Weiss Ratings downgraded EOS from B to C-, despite the favorable estimations in the past. The chief reason was the influence of big token holders, which could decide how to sway network resources. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 The EOS blockchain gains its speed from the feature of only having 21 block producers, which transpire transaction information amongst themselves. Thus, spreading the latest state of the distributed ledger is easier, in comparison to Bitcoin’s feat of broadcasting to above 9,300 anonymous nodes. The EOS Constitution also has special cases for blocking accounts – a feature which has been useful during hacks, but also means transactions can be censored centrally. The concentration of resources in only a few hands meant “whales” could decide on allocating activities. This is also one of the reasons why the EIDOS token spread like wildfire, consuming almost all transactions on the EOS network. Network Capable of Faking Activity, Hosts Parasitic Token EOS is a network similar to older ones like BitShares, as well as Steemit. Those networks have shown that the influence of “whales” can be immense, and two nodes could even broadcast millions of free transactions. Other networks like Lisk (LSK) showed that the election process for delegates ended up with voting power getting accrued in the hands of a few top delegates. All of them could vote each other into place, without resorting to regular user vote. EOS trades at $2.75, gradually declining from the mid-year peak above $6.00. The coin has erased most of the gains for 2019 and is on track to fall to lows not seen since the bear market of 2018. According to Blocktivity, the network carries more than 43 million transactions per day. As expected, things will get better from here. A bit fairer cpu pricing. Congestion will gradually die down as it's not dirt cheap to get cpu anymore. Everyone becomes a bit more vigilant. Fairer value for EIDOS and YAS and CPU. It will get better everyday.Now, when Voice? — Enumivo (@enumivo) December 1, 2019 Most of those now belong to minting EIDOS tokens, while other transactions are related to distributed app activity. EOS has also seen accusations that most of its dApps are visited by bots, faking the real usage statistics. What do you think about EOS’s latest crypto ratings (as per Weiss)? Share with us in the comments below.  Images via Shutterstock, Twitter: @WeissCrypto, @enumivo The post Weiss Ratings Downgrades EOS for Centralization appeared first on Bitcoinist.com.
Bitcoinist

Block.one Set to Launch its Social Media Network ‘Voice’ on February 14, 2020

Voice, a social media platform built on the EOS blockchain, is set for release on February 14, 2020. Block.one, the firm behind its design, is optimistic that Voice will compete favorably against the likes of Facebook and Twitter. This innovation will mainly use tokenization to promote activity within the network and leverage its authentication features […]
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SpaceChain’s New Milestone: First-Ever Demo of Blockchain Tech on the International Space Station

On Monday, December 5, 2019, community-based space and blockchain-focused platform, SpaceChain sent its blockchain hardware wallet technology to the International Space Station (ISS). As per the press release, this endeavor is the first ever ISS demonstration to date and was achieved as part of the CRS-19 commercial resupply service mission. This is definitely a milestone […]
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Bitcoin Fund Gets SEC Approval | Cardano Ready For A Push | Crypto.com EOS | Enjin | Digibyte |

Do you need Bitcoin BTC as Bitcoin Briefly Breaks Above $7,500 After SEC Approves BTC Fund. Crypto.com Launches Syndicate Platform with EOS Coin Discount on it's newly launched exchange with CRO pairs. Cardano Getting Ready for Big Push in 2020, Says Charles Hoskinson. Jared Tate talks about Digibyte DGB and the Poloniex issue. Delta Exchange Launches Derivatives for Enjin ENJ after Microsoft Partnership. Ross Ulbricht Clemency Petition Gathers 250,000 Signatures. References - https://cointelegraph.com/news/bitcoin-briefly-breaks-above-7-500-after-sec-approves-btc-fund https://www.forbes.com/sites/investor/2019/12/06/bitcoin-why-you-need-it/ https://www.altcoinbuzz.io/crypto-news/partnerships/crypto-com-launches-syndicate-platform-with-eos-coin-discount/ https://www.altcoinbuzz.io/crypto-news/spotlight/cardano-getting-ready-for-big-push/ https://twitter.com/jaredctate/status/1203034572176408577 https://twitter.com/emailshashwat/status/1202974396110884868 https://twitter.com/balanipankaj/status/1202901524701052929 https://coinnounce.com/petition-to-free-ross-ulbricht-has-crossed-250000-signatures/ https://news.bitcoin.com/ross-ulbricht-clemency-petition-gathers-250000-signatures/Altcoin Buzz -------- Free Newsletter: http://eepurl.com/dnIEz1 MCO USD 50 REWARD https://platinum.crypto.com/r/k7tsgv2xc0 Sign up for eToro https://tinyurl.com/yxwa8vbt --------- Visit our website: https://altcoinbuzz.io Connect with us on Social Media: Twitter: https://twitter.com/Altcoinbuzzio Facebook: https://www.facebook.com/altcoinbuzzio/ Telegram: https://t.me/joinchat/DLi8Ug8negQrbwYO-oqNRA ---------- NOTE The information discussed on the Altcoin Buzz YouTube or other social media channels is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Only one cryptocurrency is outperforming bitcoin this year — and its exchange has pioneered the practice of destroying coins every quarter

Binance Coin, or BNB, is the only major cryptocurrency outperforming bitcoin this year, but its namesake exchange is facing new concerns around increased competition, police raid rumors, and its "burning" practice. The Binance exchange faced new scrutiny after it said in November it has no "fixed offices in Shanghai or China" following reports of a police raid in the country, Bloomberg first reported. The exchange also destroys, or "burns," a portion of BNB coins in circulation each quarter as part of a plan to slash supply in half. Though Binance buys the coins off investors before destroying them, the practice likely serves as a factor in BNB's surge in 2019 and demand may wane once the burns reach their goal. BNB's popularity as the leading exchange token now faces opposition from new firms looking to corner the initial-exchange-offering market. Watch BNB trade live here. Binance Coin is the only major cryptocurrency outperforming bitcoin this year, but its namesake exchange faces heightened scrutiny for its "burning" practice and police raid rumors. The coin, typically referred to as BNB, allows holders to gain access to trading discounts and other benefits on Binance, the world's largest spot cryptocurrency exchange. BNB is up roughly 156% year-to-date, dwarfing bitcoin's 100% surge. The digital coin's outperformance was first reported by Bloomberg. The coin's run-up is likely boosted by the exchange's quarterly practice of destroying, or "burning," BNB to reduce the number of tokens outstanding. Binance plans to burn half of the total BNB supply — about 100 million coins — before pausing the practice. Though it buys the coins from holders before destroying them, the practice drives BNB demand as users still look to use its benefits. Binance destroyed $36.7 million worth of BNB at the end of the third quarter, or roughly 2 million coins. The exchange determines the amount of BNB to destroy based on its quarterly trading volume, and the latest burn hints the firm posted its most profitable quarter ever in the July-to-September period, Bloomberg reported. The platform also enjoys looser regulatory scrutiny due to its registration in Malta, yet critics are calling for Binance to clarify rumors around a reported raid on offices in China. A spokesperson for the firm told Bloomberg it has no "fixed offices in Shanghai or China," yet the rumored police search raised worries around whether the exchange is misleading investors to avoid China's crypto regulations.  BNB's surge cooled alongside other cryptos through the second half of the year, and a decline in initial exchange offerings on the platform could further hamper its performance. Binance customers used BNB to purchase coins sold by startups on the exchange, but as competitors with similar discount tokens crop up, Binance's popularity has faced new threats. "BNB's large relative outperformance came in the first part of this year, as the IEO craze reached its peak," Travis Kling, who leads hedge fund Ikigai Asset Management, told Bloomberg. "IEOs have cooled off a lot of its relative outperformance." BNB traded at $15.61 per coin at 3:10 p.m. ET. bitcoin traded at $7,456.46 per coin. Now read more markets coverage from Markets Insider and Business Insider: Billionaire hedge fund manager Bill Ackman is poised to exceed 50% returns after a 3-year drought Apple soars to all-time high after top analyst suggests 'completely wireless' iPhone could arrive by 2021 An unsealed court filing gives the first peek at Amazon's legal attack on the Pentagon's $10 billion cloud contract, and Trump is called out by name Join the conversation about this story » NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption
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