RATE Group | Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says | Cur…
68854
post-template-default,single,single-post,postid-68854,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says | Cur…

16 Nov Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says | Cur…

Posted at 20:49h in Bitcoin News by

[ad_1]

FILE PHOTO: A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017. REUTERS/Dado Ruvic/IllustrationReuters

  • Bitcoin would need to surge past $150,000 per coin to make an exchange-traded fund for the coin feasible, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg.
  • The estimate requires a 1,670% gain for the popular cryptocurrency. It traded at roughly $8,488 as of 3 p.m. ET Friday.
  • Large fund launches can bring in $13 billion in first-year interest, and the buzz around cryptocurrencies remains healthy, Lee said. 
  • Lee praised the Securities and Exchange Commission for the crypto-related regulation it’s done so far, saying “institutions aren’t going to touch crypto” until the SEC endorses products like ETFs and other funds.
  • Watch bitcoin trade live here.

Bitcoin would need to surge past $150,000 per coin to make an exchange-traded fund for the cryptocurrency work, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg. Such an advance would mark a roughly 1,670% increase from current levels.

Several firms look to ride the hype behind…

[ad_2]

Source link

Tags:
, , , , , , ,