Fundstrat analyst and executive Tom Lee believes that the bull market in Bitcoin is just beginning. In a new interview with CNBC, he has now said that a weakening dollar will further boost the cryptocurrency's price. Lee: the dollar is weakening, so BTC will get more expensive First, he sees a correlation between the cryptocurrency market and the dollar. - First, bitcoin has to be denominated in something. So if the dollar weakens, [and] Bitcoin retains its value, then Bitcoin will actually rise. But the more important effect is that we've seen a lot of central bank liquidity this year. Surprisingly, the dollar has been really strong for most of the year, but the weakness of the dollar will make people think, "How do you keep your savings?" A lot of people thought gold was going to be something like that, and I think that (...) for younger people and those who are of the digital generation, Bitcoin is that digital asset that they want to store value in," Lee said. He also predicted that Bitcoin will outperform on the chart in 2021, as the bull market of the past year has shown us. That would mean a price jump of "more than 300 percent" on a 12-month basis. BTC vs. stocks When asked about Bitcoin's correlation with stocks, Lee warns that BTC will likely lose value if the stock market strengthens. - We have to remember that the Bitcoin holder base is still small. I don't think there are more than a million people who own Bitcoins, compared to almost a billion people who own other financial instruments. So it is a tiny [market]," he added. - I think if there is an [upward] correction on stocks, Bitcoin will go down," he explained. Today, about $29,800 is being paid for 1 BTC on exchanges, about 2.5 percent more than yesterday and about 20 percent more than seven days ago. You can always check the current exchange rate of bitcoin and other cryptocurrencies in the tabs: bitcoin exchange rate and cryptocurrencies exchange rate on the website bitcoin.pl. Places where you can buy BTC and other coins include BitBay.net cryptocurrency exchange. If you don't have an account on BitBay yet, this article will show you how you can create one efficiently: LINK. Tags bitcoin btc/usd btc exchange rate
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