It is no secret that Wall Street honcho Tom Lee is a big believer in cryptocurrency, especially Bitcoin. In the past, he has made outlandish claims regarding the price of Bitcoin but has been wrong on more than a few occasions. However, as per Lee’s latest forecast, the cryptocurrency market is set to recover soon owing to a host of important announcements that are in the pipeline.
Major Announcements Will Spur Market Growth
Citing positive developments such as Japanese e-commerce company Rakuten recently announcing that it was planning to launch its very own cryptocurrency, Lee said that “the large sell-off in bitcoin and others at the start of the year was an overshoot to the downside”.
Additionally, Lee has also gone on record to say that in the coming few weeks, Bitcoin will close back on its price target of $20,000 and hit a year-end goal of $25,000. It is also interesting to note that while many big-name financial firms have recently published reports on the future of various crypto assets, Lee is one of the sole Wall Street players to issue formal price targets on bitcoin.
In addition to the aforementioned Rakuten example, Lee also cited other important developments which he believes will spur the economic progress of the crypto domain, such as:
- Messaging Giant Line revealed some months back that it will be launching a new subsidiary product called Line Financial that will allow users to exchange digital currencies.
- Starbucks recently mentioned the possibility of deploying a protocol that will allow customers to pay via cryptocurrencies.
While it remains to be seen if Lee’s words come to fruition, the fact that major Wall Street institutions are now actively analyzing every small movement within the crypto market is a positive step forward for this industry as a whole.