Tom Lee Favors Bitcoin (BTC) Over Bitcoin Cash (BCH)

0
235
Tom Lee

Though Fundstrat Global?s co-founder, Thomas Lee, doesn?t like to play favorites with regards to Bitcoin (BTC) and Bitcoin Cash (BCH, he has indicated that the prospects are brighter for the former.

In the recent past advocates of the two virtual currencies have been debating over which digital currency is the better one. According to Lee if he were to invest new money into one virtual currency he would pick Bitcoin over Bitcoin Cash because the former has lagged while the latter is potentially overbought.

Brian Kelly, a digital currency fund manager, earlier in the month hit the headlines when he place his bets on Bitcoin Cash which is currently the fourth biggest cryptocurrency based on market capitalization. According to the enthusiasts of Bitcoin Cash the virtual currency has distinct advantages over Bitcoin with regards to cost and speed of transactions.

In recent weeks the price of bitcoin cash has rallied as it prepares for a hard fork that is slated for mid next month.

Bottoming out

Per Lee bitcoin cash is currently overbought and he attributes the situation to Kelly who he says helped the virtual currency to appreciate in price. At the moment the price of bitcoin cash has pulled back from the rally it experienced last week.

In the recent past Lee has also made arguments that the decline in price that bitcoin has experienced this year following a record high reached late last year has ended as the virtual currency has bottomed out. To support his claim Lee said that interest by institutional investors acts as a leading indicator with regards to the flow of big money into virtual currencies.

Institutional investors

“CRYPTO: We hosted a small group of institutional investors on 4/23, mix of crypto and traditional macro HF/long-only. Results below. Key takeaway, institutions believe #BTC bottomed. We see this as a leading indicator for inflows of big money into Crypto,” tweeted Lee.

This comes in the wake of Thomson Reuters releasing the results of a survey which indicated that a fifth of financial institutions are looking to launch trading desks for virtual currencies this year. Goldman Sachs for instance has reportedly hire a digital currency trader to head a digital assets trading unit.

Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at news@dippli.com.

LEAVE A REPLY

Please enter your comment!
Please enter your name here