Market strategist Michael Lee stated that he believes Bitcoin will hit a record high. Lee talked about his views on Bitcoin in an interview with Fox Business on Monday. Lee is the founder of Michael Lee Strategy, an investment company that provides wealth planning and investment management services to clients. Michael Lee Strategy provides services through Compass Financial as an investment advisory representative.
The founder saw the bright future of Bitcoin, and he explained it as a momentum asset class. As an investor, Michael Lee doesn’t believe that Bitcoin will slow down any time soon. Over time, Bitcoin will even hit a record high. Lee said that he believes that digital assets will definitely bring as much profit as any other digital currency on the market today, or even more.
The best days of cryptocurrency are coming
Market strategist Lee said in an interview that the best days for cryptocurrencies, especially Bitcoin, are yet to come. The strategist explained that Bitcoin is the forerunner in the market. It is predicted that assets will be as good as other digital assets, or even better than other digital assets.
BTC market cap now sits at $718 billion | Source: Market Cap BTC on TradingView.com
When talking about the Fed’s regulation of Bitcoin and cryptocurrencies, Lee said: “I think it will take a long time for us to see the Fed adopt any form of reduction or any form of restrictive policies.” Lee continued, “Not only the Fed So. The same goes for central banks around the world.”
Bitcoin’s high price is the result of endless money printing
In the interview, Michael Lee also took time to resolve current market speculations that link the recent Bitcoin price surge to rumors that Amazon is adding digital currency to its platform. Speaking of this, Li said that the theory that price increases are related to price increases is wrong.
Lee attributed the growth of digital assets to $60,000 in April, which was due to the government printing money and not limiting the number of money printed.
The founder pointed out that it is difficult to explain how price changes work. But this is related to trading activities in the crypto market.
I think it is difficult to explain some of these trends, but it is a very momentum asset class. Therefore, once you gain a little upward momentum, subsequent transactions will continue to emerge. Then all of a sudden, you went from $29,000 to nearly $40,000 in a little over a week.
Featured image from Forbes, chart from TradingView.com