Wall Street Crypto Bull Tom Lee still stands beside his year-end prediction for Bitcoin touching $15,000. In his recent statement, the head of research at Fundstrat Global Advisors pointed out two major types of crypto players – those who are “using it and have wallets in crypto,” and those who belong to a speculative side of the market.
According to Lee, those two parts of the community should find ways for “sort of interacting with each other” for crypto investors not to get burnt by crashes like this. While still reiterating his crypto-rebound prediction, Lee admits that the markets have seen a “negative development,” which signals a “downside of the momentum.”
However, Lee stressed that institutional cryptocurrency investors are “not necessarily getting hurt” by the recent market downturn, even as Bitcoin’s price dropped sharply to as low as $4,237 today. In this regard, the investor emphasized the crucial role of institutional participation in the industry, claiming that specifically this part of the market will pull the “next wave of the adoption.”
There are two key factors which will develop more institutional interest. The first being the upcoming launch of digital assets platform, Bakkt, by the New York Stock Exchange (NYSE) which is operated by Intercontinental Exchange (ICE). Second, institutions will get more involved in the market as the industry receives more regulatory clarity, which is partly “underway now,” Lee said, adding:
“Once we have that [regulatory clarity], I think, institutions will feel more comfortable in making bets.”
In this regard, the crypto analyst noted that Bitcoin is “not necessarily a value asset,” claiming that it is “probably best viewed as a commodity,” and is “really an opportunity for an emerging asset class.”