Tom Lee is back, and as normal, he has begun to propagate the good word of Bitcoin. In a recent CNBC segment, the Fundstrat head of research and co-founder was clear that he expects for BTC to head higher, citing an array of factors to back this cheery call. In fact, he states that Bitcoin’s current “fair value” could easily be in the quintuple-digit range, effectively asserting that BTC is still undervalued, even after Monday’s surge and the subsequent fallout, which saw the rally perpetuate as FOMO ensued.
Lee explains that while Bitcoin has had a “rough 2018,” which saw startups collapse in their entirety, the industry market capitalization lose 85% of its peak valuation, retail investors flee the space en-masse, and institutional players placing their crypto forays on the proverbial backburner, 2019 is already looking much better. In fact, prior to the recent surge past $4,200 and beyond, BTC was already up by 11% against the U.S. dollar since the start of 2018, as Digital Currency Group’s Barry Silbert noted on Twitter.