Lee ruled out that the price of Bitcoin depends on influential characters or companies since its market value is very complex. The investment analyst believes that the Fed and central banks will not impose cuts or restrictive policies for long.
Market analyst Michael Lee believes that the future of Bitcoin is unshakable and does not depend on regulators. In recent days, the expert predicted that the price of the pioneering cryptocurrency would inevitably hit a new all-time high.
Lee is the founder of investment firm Michael Lee Strategy, which deals with investment advisory services. The analyst stated that cryptocurrencies are still in a very early stage of development. For that reason, he does not believe that the regulatory policies of the Federal Reserve or other central banks will hinder them.
Additionally, Lee ruled out that the price of Bitcoin depends on the opinion of influential people or companies. He was emphatic in the case of Amazon and its alleged steps concerning cryptocurrencies. He said that the value of the first cryptocurrency on the market is very complex, and he considers it wrong to attribute it to a single phenomenon.
Michael Lee Says that Bitcoin Does Not Depend on Third Parties
Curiously, renowned analyst and strategist Michael Lee considers that Bitcoin is autonomous in its development. He sees the impact of external factors on the stability of the cryptocurrency as something circumstantial that will not affect its long-term future.
The analyst noted that the price of Bitcoin shows no signs of falling anytime soon. On the contrary, he foresaw that it would gradually reach new all-time highs. He explained that this increase would be well above the rest of the cryptocurrencies.
In this regard, Lee estimates that there will soon be no asset to match Bitcoin in terms of profits. He thinks that investors should feel satisfied to put their capital in the current stage. He highlighted that no other cryptocurrency has as many secure return capabilities as Bitcoin.
Likewise, he stated that the best days for cryptocurrencies, particularly Bitcoin, have not yet arrived. According to Lee, the pioneering cryptocurrency is a future earnings asset, so investors’ fruits will ripen over time.
Lee Believes Neither Regulations nor Central Banks Will Stop Bitcoin
The market analyst stated that potential threats against Bitcoin from regulators are not very relevant. He believes that neither the Federal Reserve (Fed) nor other central banks will stop the momentum of the cryptocurrency. At the same time, he stated that it is something beyond the capabilities and scope of those institutions.
Lee believes that the Fed will not impose any curtailment or restrictive policy against Bitcoin for long. Additionally, he said that the same would happen with other central banks in the world.
However, Lee believes that nothing can weaken Bitcoin in the future. Since it is an unstoppable asset, its long-term price behavior looks highly positive.
To conclude, Michael Lee argued that the price of Bitcoin is due to various factors, not only to cases of speculation. According to the analyst, the element with the most effect on the valuation of the pioneering cryptocurrency is the unlimited printing of fiat money.
By Alexander Salazar