There are few market watchers that do not know Tom Lee. The Fundstrat co-founder and analyst has been a key figure in market forecasts in recent years. Lee has made some remarkable predictions in the past and has consistently been on point.
For instance, he accurately predicted that the Market’s low point would be past March. Recently, Lee said that Bitcoin would retract to around $3,000 after the digital currency rose above $12,000. This seems not to have gone down well with a Twitter user, DerekOtt8, who wrote in a tweet to CNBC Halftime Report:
@HalftimeReport, HOW CAN YOU QUOTE A CLUELESS BLOWHARD PUMPING CHARLATAN QUACK LIKE TOM LEE ON AIR? HE HAS ZERO F’ING CREDIBILITY? WHAT WAS HIS END OF YEAR BITCOIN PRICE CALL AGAIN? THIS F’ING SHOW HAD SOME CREDIBILITY BUT LATELY ITS SLIDING INTO THE SHITTER ONE DAY AT A TIME.”
The October 1 tweet was seen by Lee who in response, wrote in an October 2 tweet that the user was clearly a fan of his.
clearly one of my biggest fans https://t.co/FpOiHvxXII— Thomas Lee (@fundstrat) October 2, 2020
Some of the comments following alleged that Derek may have shorted his position due to the recent prediction by Lee that Bitcoin price would fall.
Lee who in the past referred to cryptocurrency as contrarian that has established itself as an asset class said that it is in its early stage. He is among analysts that has encouraged Wall Street to take the sector seriously.
It is instructive that Lee see Bitcoin as bullish long-term and has predicted that as millennials invest in the asset class that the price of the coin will rise astronomically.
Lee believes that the main drivers of cryptocurrency economy would be countries where people do not trust the government.