Crypto evangelist and one of Wall Street’s biggest bitcoin optimists, Tom Lee, has now said that Bitcoin is gradually regaining market share.
“The news that we have seen, from the SEC saying bitcoin’s a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market,” the Fundstrat Global Advisors’ managing partner told CNBC.
Lee further said that many expected Bitcoin to go bust but Bitcoin’s recent resurgence suggests that the digital coin is still a reliable investment option.
He added: “Bitcoin’s dominance has been creeping up. In fact, in the last couple of weeks, it has soared to the highest level all year and it has hit about 48%. So it tells us that the news we have seen, from the SEC saying that Bitcoin is a commodity, to ICE’s announcement and a potential for a (Bitcoin) ETF, are causing investors to decide that Bitcoin is the best house in a tough neighborhood. So I think that Bitcoin dominance is actually showing that the market is reacting to what is good news.”