Wall Street analyst and co-founder of Fundstrat Global Advisors Tom Lee lowered the forecast of the bitcoin course. In an interview with CNBC, he said that by the end of the year the price of the cryptocurrency will reach $22,000.
According to him, the fair price of bitcoin should be 2.5 times higher than the cost of its production. Let’s note, now this figure is approximately $7 thousand. However, according to Tom Lee’s forecast, the cost of mining one bitcoin by the end of the year will reach an average of $9,000.
He also noted that now the cryptocurrencies are at an early stage of their development.
Lee, chief equity strategist J.P. Morgan from 2007 to 2014, said he believes bitcoin and blockchain, the technology underlying it, is a “multidecade story” that’s in the “early stages” of transformation.
“I did wireless [research] in the 1990s. I saw 20 years of mobile and internet convergence. To me, this is not that different in terms of how an industry has change over time,” he said.
Earlier, the co-founder of Fundstrat expressed a conviction that the main reason for the rapid fall in the price of the first cryptocurrency was the expiration of bitcoin futures.
Recall, back in May, Tom Lee was confident that the bitcoin rate would reach $25,000.