Story by: SHAWN LANGLOIS
Compound interest might be the most powerful force in the universe, but FOMO can’t be far behind, especially as it relates to bitcoin.
We’ve seen the “fear of missing out” contribute to a nosebleed rise in the price of bitcoin BTCUSD, -2.52% before, and Fundstrat’s Thomas Lee believes we’re about to see it play out again — but even more pronounced.
The outspoken bitcoin backer told clients this week the world’s top cryptocurrency could ride a wave of FOMO all the way up to $40,000 “within a few months,” thanks to better transparency and a breach of the psychological $10,000 barrier.
He pointed to Grayscale Bitcoin Trust GBTC, -4.42% as a great way to partake in a rally that would be most welcomed by the crypto bulls who had to suffer through a 74% drop in the price of bitcoin last year.
“Bottom line: Crypto winter looks over,” Lee said. “Investors need to overweight bitcoin. And a good way to gain exposure is via GBTC.”
After touching on a December low of $3,194.96, bitcoin was approaching $9,200, at last check — hovering near levels not seen in more than a year.
Original story: https://tinyurl.com/y2ykclmr