Market Strategist Says Bitcoin’s Best Days Are Ahead, Won’t See Restrictive Fed Policy Anytime Soon
The founder of investment management firm Michael Lee Strategy says that “the best days of bitcoin are definitely ahead of it,” expecting the cryptocurrency to “make all-time new highs.” The strategist further says that it will be a long time “before we see any sort of taper or any sort of restrictive policy from the Fed” or other central banks worldwide.
Market Strategist Expects Bitcoin to Make All-Time New Highs
Michael Lee, founder of Michael Lee Strategy, shared his outlook for bitcoin in an interview with Fox Business Monday.
Michael Lee Strategy offers wealth planning and investment management as an investment adviser representative through Compass Financial. Lee is a former vice president in the Institutional Middle Markets group at Morgan Stanley.
Commenting on the price of bitcoin hitting $60,000 earlier this year, Lee said that “it is just a side effect of endless money printing that’s going on.” He dismissed the theory that the BTC price increase Monday resulted from the rumor that Amazon may be accepting bitcoin and other cryptocurrencies for payments. The e-commerce giant published a job posting last week seeking a digital currency and blockchain lead.
Lee said that “the best days are ahead for cryptocurrencies, specifically bitcoin.” Noting that “bitcoin is your first mover,” he believes that the cryptocurrency is “going to profit as much or more as any of the other cryptocurrencies.”
“I think it’s hard to explain some of these moves, but it’s a very much a momentum asset class,” he continued. “So, as soon as you get a little bit of momentum to the upside, the follow on trades just keep coming and coming and coming. And then all of a sudden you go from $29,000 to almost $40,000 in the span of a little over a week.”
Declaring that he is a bitcoin owner, Lee opined, “I think it’s a long time before we see any sort of taper or any sort of restrictive policy from the Fed.” Emphasizing that “it’s not only like that with the Fed, it’s like that with central banks worldwide,” the strategist concluded:
That’s why I think bitcoin is likely to make all time new highs, maybe, maybe not in the next few months. But the best days of bitcoin are definitely ahead of it, not behind it.