Fundstrat’s Head of Research: BTC Has to Outgrow Elon Musk’s Comments

3 months ago 26
  • Fundstrat’s Head of Research said BTC has to outgrow Musk’s comments
  • Thomas Lee also believes that institutional impact is still very small

According to Thomas Lee, the crypto market needs to evolve further to stop fluctuating hard after influential individuals like Elon Musk.

Thomas is Head of Research at Fundstrat Global Advisors. Moreover, he said Bitcoin has to outgrow Elon Musk’s comments. Also, he opined that the recent price movements show institutional impact on the market is small.

Thomas Lee’s comment comes amid the crypto market reacting to Musk’s tweets. Musk’s effects on the crypto market are enormous. Therefore, the market can go down or up.

Thomas Lee said,

Just a personal observation, but the fact crypto and bitcoin prices respond to actions by a company or individual show this market still needs to evolve further. Put another way, really highlights that the impact of ‘institutional investors’ is still very small.

In contrast, the Bitcoin (BTC) price dropped drastically from its $50,000 mark to $46,294.72 when Elon Musk tweeted that Tesla will stop accepting payments in Bitcoin.

Furthermore, yesterday was the latest example. Musk said Tesla would allow BTC payments once “there’s confirmation of reasonable (~50%) clean energy usage by miners.”

Just a moment after his tweet, Bitcoin went up by more than 10%. What is more, BTC is closing on $40,000. These movements triggered some crypto enthusiasts to react.

In addition, Thomas Lee said that BTC wouldn’t perform the way it does after similar engagements on social media.

Furthermore, Lee raised concerns about the institutional impact on BTC prices. He noted that quite a few institutions entered the BTC ecosystem. This includes Arkadios Wealth Advisors, Addison Capital Co, and more. However, Lee also believes that their impact is still “very small.”

Recently, Sygnia CEO criticized Elon Musk for alleged Bitcoin pump and dump. Sygnia CEO said that Musk is manipulating the crypto market.

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