Bloomberg reports that, Thomas Lee, a cryptocurrency bull and co-founder of Fundstrat Global Advisors has said that the value of Bitcoin (BTC) is appreciably higher than the current price. Considering the number of active wallet addresses, usage per account and factors influencing supply, it has been marked on Thursday by the veteran market analyst that, Bitcoin’s fair value is between $13,800 and $14,800. During initial coin offerings (ICOs) of last year, Lee has assigned the divergence of meteoric rise, a macroeconomic “meltdown” and treasury sales.
Lee has stated:
“In fact, working backwards, to solve for the current price of Bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently.”
Lee has mentioned that, it is the mass adoption of Bitcoin and it is accepted as an asset class when it is among the key drivers who would drive the value of BTC upward. He has also remarked that, once if BTC wallets account for 7 percent of Visa’s 4.5 billion account holders, the fair value of the leading cryptocurrency would reach $150,000 per coin.
Lee has been repeatedly expressed his views on Bitcoin’s recovery that it will be positioned with high hopes in the future. Lee expected that a coin may worth around $10 million in 10 years while comparing it with the other payment systems in terms of social network value. He has also remarked that, there are only 50 million active wallets so far on the contradiction of 254 million PayPal accounts in Q3 2018 and 4.6 billion Visa and Master Card accounts.
In late November, Lee kept insisting about his year-end prediction in spite of market crash that, it would take up around $15,000 for BTC. Those who are using it and have wallets in crypto and those who belong to a speculative side of the market are the two major types of crypto players who have been pointed out by the analyst.
According to a study published by the Cambridge Centre for Alternative Finance, Cointelegrapgh has reported that cryptocurrency has gained 17 million “verified users” this year. The number of ID-verified cryptocurrency users has been doubled nearly, that is ranging from 18 million to 35 million in the first three quarters of 2018.
Also read: https://www.civilblockchain.com/bitcoin-hitting-more-than-the-current-value-in-three-years-says-circle-co-founder/