After the recent decision by the Federal Reserve, the downward trend in cryptocurrency prices appears to have reversed, giving rise to a surge in value. In the past few minutes, Bitcoin (BTC), which has surpassed the $63,000 mark and continues to trade at this level, is attracting attention with comments from prominent figures in the market.
Will Bitcoin’s Price Continue to Rise?
A statement made by Tom Lee, the co-founder of Fundstrat, has grabbed the spotlight. According to Lee, the price of Bitcoin has not yet reached its peak. During a recent episode of the “Speak Up” program with renowned American investor Anthony Scaramucci, Lee stated:
“It’s my belief that Bitcoin is far from reaching its highest value. The recent drop in Bitcoin’s price should be seen as a bear trap and a great opportunity to buy.”
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What is the Current Price of Bitcoin?
At present, Bitcoin is priced at $63,000, having experienced a surge of over 6% in the last 24 hours. This increase comes after Bitcoin briefly dipped to $56,000 on May 1st.
Lee had previously predicted that the price of BTC could reach $150,000 by 2024. However, after reaching its all-time high of $73,737, Bitcoin faced a 16.2% drop.
Will Bitcoin Ever Cease to Exist?
According to Lee, Bitcoin represents the epitome of trust and is undoubtedly a groundbreaking technological advancement. He also highlights the numerous advantages offered by Bitcoin’s secure structure.
Viewing the matter from a different perspective, the research director at Starbucks stated that the fact that people are not using Bitcoin to purchase coffee at Starbucks should not be interpreted as Bitcoin being impractical.
Returning to Lee’s statements, the renowned figure believes that due to the size of the market, Bitcoin’s price will never plummet to zero again. Lee concluded by saying:
“Bitcoin’s value will always persist in some form or another. It has established itself as a force to be reckoned with.”
Disclaimer: The information presented in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advised to conduct thorough research before making any investment decisions.
