Fundstrat Co-Founder Thomas Lee Says ₿itcoin’s Volatility Favors a Long-Term Approach
Fundstrat Global Advisers Co-Founder Thomas Lee suggested that ₿itcoin’s (BTC) volatility makes a long-term approach towards it more appropriate for most traders in a tweet published on June 27.
In his tweet, Lee intended to remind others that “Bitcoin is a hypervolatile asset” and that this makes it “great for volatility and other dedicated traders.” Still, he noted that most should probably use a different approach instead:
“For most, taking a long-term view is more appropriate.”
Lee’s remarks were an answer to a Bloomberg’s tweet pointing out that ₿itcoin is up 39% this week, but that it has lost over $1,800 of value within about 10 minutes today in a correction.
Representing the opposite view, Washington Post columnist Michelle Singletary suggested in an article published today that people tempted to invest in ₿itcoin should “keep in mind these investing bubbles that burst — tulip bulbs and Beanie Babies.” She further notes:
“The current price surge for ₿itcoin has many people fearing they will miss out on a big opportunity to make a lot of money. But buying ₿itcoin is still akin to gambling.”
As Cointelegraph reported earlier today, Amazon-owned, leading game streaming platform Twitch has enabled ₿itcoin and ₿itcoin cash (BCH) payments again amid crypto market uptrend.
Also today, news broke that BitMEX, the world’s largest cryptocurrency trading platform, saw record volumes across its operations as ₿itcoin hit $13,000.
Published at Thu, 27 Jun 2019 15:56:00 +0000
