Tom Lee Alters His Crypto Forecast
July 9, 2018
Thomas Lee, a Fundstrat analyst, told he overvalued Bitcoin a bit and so lowered its expected cost from $25,000 to $22,000 as he pointed out that the price must be at least twice higher than its mining cost.
Provided Bitcoin mining today costs $9,000, Lee doubled it, took account of some side factors and concluded Bitcoin will cost $22,000 by the end of this year.
In addition, Tom Lee noted, the reason for Bitcoin price still being lower than $20,000 is legal uncertainty in the industry around the globe and claimed, introducing futures also affected the rate of the major cryptocurrency.