Bitcoin Price is Headed to $25,000 Despite Recent Setbacks

The value of Bitcoin may now be compared with that of gold as it’s likely to be heading $25,000 in five years according to Tom Lee, Head Research of Fundstrat Global Advisors and Former Managing Director of JP Morgan Chase.

“Well for instance, you know number one Bitcoin is not what people think... We have some data, there's only 300,000 holders of at least $5,000 so think about that that's like saying the iPhone was a bubble in 2007 four days into the sale because there were 500,000 of iPhones. So it's not that many holders of Bitcoin you know when you think about how many wallets there are today that holds $5,000, it’s huge so I think it's still very early stages.”

“I think it can be very threatening to financial institutions to see that hey, trust is created on the network and on the distribution network by the way from generation perspective I think people under the age of 30 think that makes perfect sense.”