Bitcoin a Legit Investment For Younger Generation, Says Fundstrat’s Tom Lee

Fundstrat Global Advisors founder Tom Lee has claimed that the cryptocurrency Bitcoin is a legitimate investment for the millennial generation.

He added that the acceptance of the digital currencies as an investment option is similar to the adoption of gold by the previous generations and the stock market rally that was propelled by baby boomers in the 1990s.

In his interview with CNBC’s “Squawk Box” on December 21, 2017, Lee said that Bitcoin makes a lot of sense as a store of value and is a good investment diversification.

“I think as a store of value, Bitcoin makes a lot of sense. I think the advantage is Bitcoin is uncorrelated to stocks, bonds, and gold. … It is actually good diversification.”

He added that the millennials in the US are the driving force behind the acceptance and recognition of Blockchain and the virtual currencies as a real asset class.

“The millennials in the US are driving this adoption and recognition that Blockchain and Bitcoin and sort of digital businesses is going to be a real asset class.”

In late November, the Fundstrat executive forecasted that Bitcoin price, which was traded at around $8,000 at the time, will surge to $11,500.

Lee’s bullishness about Bitcoin during the time is predicated on his forecasts for solid growth in the number of Bitcoin accounts and the transaction dollar volume per account.

He cited as example the more than 14 million accounts being recorded by the major digital currency exchange Coinbase.