Fundstrat Global Advisors co-founder Tom Lee believes that recent interest rate cuts in the United States by the Federal Reserve are a boon for Bitcoin (BTC).
Lee remarked on how the rate cuts positively impact Bitcoin investment in an interview with Fox Business on July 31, saying:
“Bitcoin’s becoming increasingly a macrohedge for investors against things that could go wrong. Rate cuts are adding liquidity. Liquidity is pushing money into all these risk assets and also hedges, which is helping Bitcoin.”
Lee delivered a couple more general remarks about Bitcoin, which climbed back above the $10,000 mark earlier today. In terms of price, Lee thinks it is plausible for the coin to retake its all-time high by the end of the year. He remarked:
“We don’t have a target for Bitcoin, but the prior high was $20,000. I think there’s a good possibility that Bitcoin reattains that high this year.” Read More at CoinTelegraph...