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Fundstrat Global Advisors CEO Tom Lee has always taken a bullish stance towards Bitcoin. Now, with the market beginning to show some improvement, he has reaffirmed his belief in the cryptocurrency believing it to end 2019 on a very high note.
Speaking during an interview at the Blockchain Economy Istanbul Summit, Tom Lee stated just as Bitcoin was hitting $3,900 that this is only the beginning. He explains that the rise of the global markets, particularly the stock market, is expected to be supportive of the Bitcoin market.
Speaking about the long-awaited Bitcoin ETF approval, Lee stated that, in his opinion, a itcoinB ETF is likely to happen this year. While an ETF will no doubt be beneficial to the crypto market, Lee explains that it isn’t needed for cryptocurrencies to succeed.
Read more: SEC reviews 2 different Bitcoin ETF proposals: 45-90 days to decide; Crypto Mom says SEC's "arcane rules" likely mean no Bitcoin ETF in 2019
He goes on to explain that the impending world recession will actually have a positive effect on Bitcoin. He says that a recession could lead to more people showing an interest which would drive up demand and, therefore, price. He explains that trading volumes will likely remain unaffected.
Read more: Spencer Bogart on Bitcoin: "Now is a very good time to buy"