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Bitcoin Critics to Catch FOMO at BTC $10,000, Says Crypto Bull Tom Lee

Last Updated March 4, 2021 2:31 PM
Tedra DeSue
Last Updated March 4, 2021 2:31 PM

By CCN.com: Bitcoin’s run higher is igniting a wave of fear-of-missing-out (FOMO) among those who gloated about the cryptocurrency’s imminent demise. Fundstrat Co-Founder Tom Lee recently took time to engage with crypto Twitter now that bitcoin’s price has rebounded considerably.

Through a Twitter poll, he asked,

“At what price will see FOMO from those who gloated about 90% crash in BTC?”

Before he closed the voting over the weekend, nearly 8,000 people had participated. Most of them believe bitcoin hitting $10,000 again will bring naysayers to their knees, causing them to jump back in.

Bitcoin Is Approaching FOMO Sweet Spot

At the time of writing Monday afternoon, that $10,000 was close. The bitcoin price just surpassed $8,000.

bitcoin price
The bitcoin price skyrocketed 14% in the last 24-hour period to beyond $8,000. | Source: CoinMarketCap

Respondents to Tom Lee’s poll added some anecdotal evidence:

Lee’s Got SWAG

Lee is known for his lofty bitcoin price predictions of 2018 that never came true. This year, however, momentum is on his side. Through this poll, we get a glimpse of the bitcoin bull’s sense of humor. He broke down his guestimates about where bitcoin’s price is headed as his SWAG, aka “scientific wild-a**ed guess.”

Last month, Lee said bitcoin’s price will likely see a new all-time high in 2020, proclaiming that crypto spring has sprung.

While Lee’s poll was a fun way to explore what people think about bitcoin’s price breakout, he has laid out serious arguments for why bitcoin bulls are in a good place. He’s cited several catalysts that are pushing bitcoin’s price higher, including:

  • an increase in blockchain transaction volumes
  • bullish technical signals
  • a ramp-up of crypto trading volumes

Lee acknowledged that cryptocurrency adoption – a key fundamental indicator – has yet to take root in the U.S. Meanwhile, in countries such as Venezuela and Turkey where local currency valuations have cratered, crypto use is on the rise. The devaluation in local currencies has “caused on-chain volumes to take off,” Tom Lee said, adding:

“It’s real important for that to take place in U.S. for adoption because there’s a really well-established financial system. You have to remember that crypto is probably 70% a story outside the U.S.”

Bitcoin is increasingly being adopted by the mainstream.

Fidelity Investments will launch a crypto trading service “within weeks.” That’s also playing a role in driving the price higher.

Fidelity says its cryptocurrency trading product is aimed at institutional traders and will initially focus on BTC.