In a recent interview, Tom Lee, a well-known Bitcoin advocate and co-founder of Fundstrat Global Advisors, shared his views on the future of Bitcoin. Known for his bullish stance on Bitcoin since its early days, Lee’s predictions have generally been accurate.
Lee’s defense of BTC dates back a decade, when BTC was in its infancy and used primarily by a small group of individuals. Despite the skepticism surrounding Bitcoin at the time, Lee saw potential in BTC and remained bullish even when it was only worth a few hundred dollars.
When asked what he sees in Bitcoin that others do not, Lee pointed out that Bitcoin solves many problems in the monetary system:
“Bitcoin is a trustless blockchain, and yet there has never been a fraudulent record. This is a remarkable achievement, especially considering that 6% of all transactions from a traditional bank were suspicious over the same 14-year period.”
Lee also discussed how Bitcoin’s network value is relatively easy to model based on the number of wallets actually using the network. This model, based on Metcalfe’s law, suggests that the utility of the network will increase as the number of users increases. According to Lee, this model still explains more than 90% of BTC movement.
While the number of people with Bitcoin wallets is expressed in millions today, Lee believes that this number can reach hundreds of millions or even billions. Lee concluded: “So there’s still upside potential from here.”
*This is not investment advice.