While Bitcoin going through a rally, even for a short period has given the investors so much relief, what Michael Lee, who is the founder of the asset investment management firm named Michael Lee strategy has said about Bitcoin is certainly going to be even more encouraging for the Bitcoin community.
As the rally continues and Bitcoin sees a boom of over 15% on a daily basis and over 30% on weekly basis, has crossed the mark of $40K at the time of publishing this article. This is the first time Bitcoin has reached such heights after 16th June.
Michael Lee was speaking to Fox Business and in the interview, he labeled Bitcoin as a ” Momentum asset class “. The way this momentum asset class has recovered in this week, Lee feels Bitcoin is going to see its best days ahead.
“I think it’s hard to explain some of these moves, but it’s a very much a momentum asset class. So 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. “
After months of bearish trends, Bitcoin has finally started to resurrect itself. The consolidation started the last weekend after the B-Word conference where Tesla CEO Elon Musk said his company would start accepting Bitcoin again as a method of payment for purchasing electric vehicles.
Earlier in May, when Musk revoked his support from Bitcoin citing environmental issues as a reason and made acceptance of Bitcoin for the purchase of Tesla cars no longer functional, the price of the world’s largest cryptocurrency fell from its all-time high to more than 50%.
Even before the weekend, the price had reached below the mark of $30,000 as Bitcoin was being traded at $29,669 on Thursday. At the time of publishing this article, the current BTC price is $39,751. However, the price around the $40K mark has been fluctuating heavily.
Bitcoin has likely got further good news from the e-commerce giant Amazon which, according to various reports is going to accept Bitcoin as a method of payment for the purchases its customers make through the website and the app. The unconfirmed reports also suggested that Amazon is also thinking about launching its crypto token by the end of the year.