- Tom Lee believes that the economy will recover but a weaker US dollar is a great boost for crypto.
- Bitcoin block reward halving and a functional financial system is key to a cryptocurrency great future.
The co-founder of Fundstrat, a global advisory boutique, Tom Lee believes that there will be an incredible upside to the Coronavirus-triggered market crash. In a recent interview with The Scoop, Lee said Bitcoin’s ability to close the day above $5,000 in the March price crash was particularly an indication of strength. In his view, if the traditional markets such as stocks don’t succumb to an all-out collapse, then a weaker dollar and the approaching Bitcoin halving will be good for crypto.
The ability for Bitcoin to respond to things like the halvening coming up or to a weakening dollar, because one of the upshots to this is probably the dollar is weaker in the future – that’s all going to be good for crypto, as long as we have essentially a functioning financial system in the US. And again, that would be my expectation.
At the time of writing, Bitcoin is trading at 9,291 following a 1.4% growth on the day. Bullish interest has been intact since the breakout to $9,500 in April. Bitcoin has been able to recover from the dive to $8,400 to the current market level. Investors anticipate a pre-halving rally to hit levels past $9,500 while aiming for $10,000.
Also read: Ethereum Price Analysis: ETH/USD shoots above $200 ahead Bitcoin-halving breakout to $300
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