Michael Lee Strategy is an investment management firm and according to its founder, the best days of Bitcoin are certainly ahead of it. Michael Lee expects that the cryptocurrency will reach new all-time highs. The strategist also added that it would be a long time before there would be any tapering off from the Fed or the introduction of a restrictive policy, along with other central banks all around the globe. He shared all of this in an interview on Monday with Fox Business. His company offers investment management and wealth planning as an investment adviser representative via Compass Financial.
Lee also served at Morgan Stanley in the role of vice president for the Institutional Middle Markets group. Talking about bitcoin hitting the $60,000 mark earlier this year, Lee said that this was just a side effect of the endless money printing that seems to be happening in the economy due to the global COVID-19 pandemic. The theory that BTC’s price had gone up on Monday because of the ongoing rumor of Amazon accepting bitcoin as well as other cryptocurrencies as payment has been circulating, but he dismissed it outright. This rumor stemmed from a job posting published by the e-commerce giant last week for a blockchain and digital currency lead.
According to Lee, the best days were ahead for the crypto market, bitcoin in particular. He said that bitcoin is the first mover, so he believes that the pioneer cryptocurrency is going to profit more than any other cryptocurrency. He said explaining some of the moves was difficult, but it has proven to be a momentum asset class. This means that as soon as the momentum moves upwards, the trades just keep on coming. With this happening, the price goes from $29,000 to $40,000 in a matter of a week.
Lee also declared that he has also invested in bitcoin himself. He doesn’t think that the Fed will taper off in the near future or a restrictive policy will be introduced. In fact, he added that it wasn’t just the Federal Reserve that was going to do so, but similar situations would be seen with central banks all around the globe. According to the strategist, this is why he believes that bitcoin will once more climb up and will reach new all-time highs. He asserted that it may not happen in the next couple of months, but it would definitely happen because the cryptocurrency’s best days are ahead of it and not behind.
Whether or not he is right about the Fed would become a bit clearer after the central bank concludes its two-day meeting on Wednesday. All eyes are turned towards the outcome of the meeting and the conference by Chair Jerome Powell late on Wednesday for hints about any decisions that will be made. For now, tapering off is not expected by the market in general, with COVID-19 cases once again on the rise, not just in the US, but also in other parts of the world.