Wednesday, August 4

Fundstrat’s Tom Lee Talks About Elon Musk and Bitcoin (BTC)

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tom lee bitcoin

Fundstrat analyst Tom Lee claims that Bitcoin (BTC) is not mature yet.

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According to Fundstrat analyst Tom Lee, Elon Musk’s tweets and Bitcoin’s movements show that the cryptocurrency is not mature enough. In a recent tweet, the celebrity claims that the cryptocurrency’s sensitivity to an individual’s actions proves that institutional investors are not in the market because their impact on the market is “very small”.

Earlier, Kevin O’Leary stated that institutions have not yet entered Bitcoin due to environmental problems.

“Lee expects Bitcoin’s volatility to decrease as the share of sophisticated investors grows.”

Musk went back to his old days yesterday after taking a break from crypto currency tweets. The Tesla CEO took to Twitter to announce that the e-car manufacturer will resume Bitcoin payments once its green energy share reaches 50 percent.

Bitcoin miners’ reliance on fossil fuels was the reason Tesla suspended Bitcoin payments last month. The cryptocurrency rose to $39,838 after Musk’s latest tweet.

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