The founder of Fundstrat Global Advisors said that the older generation of Americans, who own 76% of the capital of the United States, still consider bitcoin a geek hobby.
Tom Lee, managing partner at investment firm Fundstrat, told CNBC in an interview that the BTC market lacks the investment of the baby boomer generation. If they invested their money, the analyst dreams, then the first cryptocurrency would rise in price to $200,000:
“76% of all wealth in America is controlled by people over 65. So almost $100 trillion is owned by people who think bitcoin is some kind of hobby or stuff that people who live in basements play with.”
Lee believes that the whole point is ineffective government regulation of the crypto industry.
“I think regulation could actually open the way for this generation. Just imagine: at least 2% of the $100 trillion allocated for the purchase of cryptocurrency! You could see the value of bitcoin rise by 5x, 10x, 15x.”
Tom Lee believes that one of the biggest risks for cryptocurrencies is the development of technologies that could threaten the classic cryptographic algorithms used to secure the Bitcoin blockchain.
In September, Tom Lee said that the priority of investors is shifting towards high-risk assets. The expert believes that with the transition of millennials to middle age, the influx of investments in the cryptocurrency and stock markets will increase. Last year, the founder of Fundstrat stated that he sees a positive future for cryptocurrencies. In his opinion, money from risky stocks and bonds will continue to flow into digital assets amid rising base rates. According to research by the personal finance portal SimpleMoneyLife, 67% of millennials prefer to invest in bitcoin rather than gold.
Source: Bits
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