Fundstrat Global co-founder Thomas Lee is always known for taking no sides when it comes to the rivalry of Bitcoin (BTC) and Bitcoin Cash (BCH). However, if pressed down, Lee would place his bet on bitcoin over Bitcoin Cash.
Advocates of bitcoin and bitcoin cash have been engaged in a heated debate over which of then two is better. The decision by Lee is not a surprise one given that he has predicted that the price of bitcoin will be $25,000 by the end of 2018.
Recently, Brian Kelly, a cryptocurrency fund manager also made headlines when he said that he prefers Bitcoin Cash. Bitcoin Cash is the fourth digital currency by market cap. Bitcoin Cash has some advantages over bitcoin like faster transaction speed and low costs of transaction. Recently, the price of bitcoin cash went up in response to the upcoming hard fork in May.
According to Lee, Bitcoin Cash is overbought and the entry of Kelly is the one helping to drive prices up. The prices of Bitcoin cash has pulled by back in the last few days after the recent rally.
Bitcoin Bottom
According to Lee, bitcoin has bottomed and in a recent tweet, he said that institutional interest is the main indicator for the big flow of money in the digital currency industry.
Recently, Thomson Reuters released results from a survey which showed that 20% of financial institutions are ready and may start trading in cryptocurrency this year. This confirms what Lee is suggesting.
While speaking to CNBC, Lee said that many people are starting to be serious on how they want to get exposure to digital currencies. He added that even those who at first had no interest in the sector, are starting to develop interest and are currently talking about crypto.
Recently, CCN reported that Goldman Sachs was planning to launch a proprietary cryptocurrency trading desk in preparation to the addition of a cryptocurrency trader to oversee it digital currency platform. According to Lee, these are indications that digital currencies are quickly being absorbed into the mainstream financial system.
Fundstrat has put Bitcoin Misery Index (BMI) at 47 after stagnating below 20 at the start of this year.
