Tech & Science : Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says - - PressFrom - Australia
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Tech & Science Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says

18:35  16 november  2019
18:35  16 november  2019 Source:   businessinsider.com.au

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Bitcoin would need to soar 1 , 670 % to make an ETF possible , strategist Tom Lee says . Bitcoin would need to surge past 0,000 per coin to make an exchange - traded fund for the coin feasible, Fundstrat Global Advisors co-founder Tom Lee said , according to Bloomberg.

, Strategist says U.S. SEC is doing a ‘great job’ in crypto. The 0 billion cryptocurrency market is far too small for an exchange - traded fund to work, according to Fundstrat Global Advisors LLC’s Tom Lee . He estimates Bitcoin needs to be around 0,000 to cope with daily demand on an ETF .

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  • Bitcoin would need to surge past $US150,000 per coin to make an exchange-traded fund for the coin feasible, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg.
  • The estimate requires a 1,670% gain for the popular cryptocurrency. It traded at roughly $US8,488 as of 3 p.m. ET Friday.
  • Large fund launches can bring in $US13 billion in first-year interest, and the buzz around cryptocurrencies remains healthy, Lee said.
  • Lee praised the Securities and Exchange Commission for the crypto-related regulation it's done so far, saying "institutions aren't going to touch crypto" until the SEC endorses products like ETFs and other funds.
  • Watch bitcoin trade live here.

Bitcoin would need to surge past $US150,000 per coin to make an exchange-traded fund for the cryptocurrency work, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg. Such an advance would mark a roughly 1,670% increase from current levels.

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(Bloomberg) -- The 0 billion cryptocurrency market is far too small for an exchange - traded fund to work, according to Fundstrat Global Advisors LLC’s Tom Lee .Numerous attempts to get approval from the U.S He estimates Bitcoin needs to be around 0,000 to cope with daily demand on an ETF .

Unfazed by wild swings, strategist Tom Lee still sees bitcoin surging another 600% in 5 years. "It's not worth it to look at bitcoin two months, two weeks ahead," Lee argued, saying he still believes each bitcoin will be worth ,000 in five years or about 600 percent higher than current levels.

Several firms look to ride the hype behind crypto-coins through related ETFs, but the Securities and Exchange Commission has mostly stifled attempts to form such alternative assets. The $US200 billion crypto sector enjoyed a moderate recovery from an early-fall trough, but it still has a way to go to meet demand necessary for an ETF, Lee said.

"The SEC needs to punt the ETF until crypto becomes bigger," Lee reportedly said at conference in Singapore on Friday, adding that "demand for an ETF is monstrous."

Large fund releases can bring in around $US13 billion in first-year demand, and the buzz around cryptocurrencies remains healthy, according to Lee. His $US150,000 estimate requires a 1,670% gain from bitcoin's current price.

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Bitcoin is essentially "digital gold" for millennials, and the cryptocurrency could easily achieve the 0,000 range, strategist Tom Lee says . "We think over the next 10 years, this new generation of millennials are going to view trust as a replacement for gold.

Tom Lee , the only major Wall Street strategist to issue bitcoin price targets, told CNBC on Thursday morning he sees the world's largest cryptocurrency It all started when the Fundstrat Global Advisors co-founder said on "Squawk Box" that " bitcoin has historically traded at 2.5 times its mining costs."

The digital currency traded at $US8,488 per coin at 3:00 p.m. ET Friday.

The managing partner praised the SEC's regulation around cryptocurrencies so far. The agency may "look like an obstacle," but it's doing a "great job" at keeping investors protected, he said, according to Bloomberg.

"Institutions aren't going to touch crypto if they think the SEC isn't doing a good job," Lee reportedly added.

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Bitcoin hits a 6-month low after extending its fall for an 8th straight day .
Bitcoin on Monday sank to its lowest level since May, dropping below a key $US7,000 threshold. It fell to $US6,575 at around 1 a.m. in New York (2 p.m. Hong Kong) as the world's largest cryptocurrency extended its losing run for an eighth straight day. Reasons for the drift are unclear, but one analyst pinned the drop on China pessimism.On Friday, the People's Bank of China told businesses that are involved with crypto to correct any "improper actions," according to Bloomberg.View Business Insider's homepage for more stories.

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