Tom Lee - BCH is now in an overbought state. I prefer to buy BTC.
With the hard fork of Bitcoin Cash (BCH) in May, Tom Lee, the most popular crypto-currency analyst on Wall Street, began recommending Bitcoin BTC instead of BCH to investors.
Like BTC better than BCH
Tom Lee recently joined CNBC's Fast Money panel discussion to discuss the differences between Bitcoin and Bitcoin cash.
Lee can be said to be already a frequent visitor to this economic TV program. As one of the important bulls in the cryptocurrency market, he prefers to buy Bitcoin instead of Bitcoin cash for “new money” entering this field. He added, "I am more interested in buying laggards that may attract capital inflows than what may have been overbought."
Lee said BCH is currently overbought because it plans to make a hard fork on May 15th, increasing the current block size from 8MB to 32MB, which will increase transaction speed.
Bitcoin cash itself comes from a hard fork in the original Bitcoin of August 2017, again because of the size of the block. When Bitcoin was founded, it limited the size of the block to 1MB, and as Bitcoin became more and more popular as an investment, its trading speed was too slow for traders. After the hard fork in 2017, the BCH's trading speed increased from several days at the slowest time to several minutes.
Bullish Bitcoin to $55,000
Tom Lee also serves as the research director of Fundstrat Global Advisor. He was asked in Fast Money's panel discussion to choose between Bitcoin and Bitcoin because both currencies were rising at the beginning of this week, but then fell on Wednesday, Bitcoin dropped 2.4%, Bitcoin Cash fell by 17%, he replied:
Lee has been bullish on Bitcoin in the 2018 market correction. He also predicts that Bitcoin will reach $25,000 by the end of this year and will reach $55,000 by 2020.
Like BTC better than BCH
Tom Lee recently joined CNBC's Fast Money panel discussion to discuss the differences between Bitcoin and Bitcoin cash.
Lee can be said to be already a frequent visitor to this economic TV program. As one of the important bulls in the cryptocurrency market, he prefers to buy Bitcoin instead of Bitcoin cash for “new money” entering this field. He added, "I am more interested in buying laggards that may attract capital inflows than what may have been overbought."
Lee said BCH is currently overbought because it plans to make a hard fork on May 15th, increasing the current block size from 8MB to 32MB, which will increase transaction speed.
Bitcoin cash itself comes from a hard fork in the original Bitcoin of August 2017, again because of the size of the block. When Bitcoin was founded, it limited the size of the block to 1MB, and as Bitcoin became more and more popular as an investment, its trading speed was too slow for traders. After the hard fork in 2017, the BCH's trading speed increased from several days at the slowest time to several minutes.
Bullish Bitcoin to $55,000
Tom Lee also serves as the research director of Fundstrat Global Advisor. He was asked in Fast Money's panel discussion to choose between Bitcoin and Bitcoin because both currencies were rising at the beginning of this week, but then fell on Wednesday, Bitcoin dropped 2.4%, Bitcoin Cash fell by 17%, he replied:
"When I face cryptocurrencies like Bitcoin and Bitcoin cash, I don't like to choose winners and losers."When discussing whether institutional funds and fund managers are now allowed to speculate in the cryptocurrency market, Lee said:
"Every week there will be further development and better market clarity. I think more and more customers are seriously thinking about how they want to access such assets. We are with those of you who will never be interested in this industry. People talk more."Lee continues to say that as the industry gets “clarified and supervised”, the cryptocurrency industry is maturing, which will attract some conservative investors to join. For example, Goldman Sachs plans to open a special trading platform for the cryptocurrency market.
Lee has been bullish on Bitcoin in the 2018 market correction. He also predicts that Bitcoin will reach $25,000 by the end of this year and will reach $55,000 by 2020.
