Market Strategist: Bitcoin can hit new all-time high, but not due to Amazon chatter
- Follow up trades keep coming with the momentum of Bitcoin
- It’s a long time before we see restrictive policy from the Federal Reserve.
- Lee predicts Bitcoin might make all time new highs in the next few months
Michael Lee Strategy founder Michael Lee discussed the future of Bitcoin on FOX Business on Monday, July 26. He argued that the “best days” of Bitcoin are ahead as the king of cryptos gains momentum.
Amazon is looking to accept Bitcoin (BTC/USD) payments before the end of the year. A report unveiled this news earlier today, citing an insider. The company also posted a job advertisement over the weekend, searching for a cryptocurrency and blockchain strategy expert. In the interview, market strategist Michael Lee called the news surrounding the job ad “a far-fetched rumor that they’ll hire someone and Amazon will accept Bitcoin someday”. He added that Bitcoin was a “volatile asset…reaching $60,000 earlier this year as a result of endless money printing going on.” However, his view of the asset is far from negative. He called Bitcoin an alternative that can skirt issues like inflation:
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“At one point, every currency ever created has failed. Bitcoin is an alternative to that.”
When asked whether it was possible to get more stimulus from the government and if that’s what Bitcoin was trading on, Lee said:
“It’s hard to explain these moves. It’s very much a momentum class. Follow up trades keep coming with the momentum. As soon as you get a little bit of momentum to the upside, the follow on trades just keep coming and coming and coming. And then all of a sudden you go from 29,000 to almost 40,000 in the span of a little over a week. It’s a long time before we see some sort of taper or restrictive policy from the Federal Reserve. And it’s not only like that with the Fed, it’s like that with central banks worldwide.”
According to him, Bitcoin is likely to make all time new highs for this exact reason. This might happen in the next few months, or it might not. He expressed assurance that the best days of Bitcoin are yet to come.