• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: BREAKING: Luna Founder Do Kwon Reportedly Arrested In Montenegro
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Luna Founder Do Kwon Reportedly Arrested In Montenegro
tom lee bitcoin price prediction
Advertisement

Fundstrat’s Tom Lee: 99% of USD is Speculative, Why Discredit Bitcoin?

Anatol Antonovici by Anatol Antonovici
3 years ago
in Bitcoin, News, News teaser
0
Advertisement

Bitcoin critics say that the cryptocurrency should never be regarded as a means of exchange because it’s mostly used for speculation. Fundstrat’s Thomas Lee disagrees with this statement, saying that most of the US dollars are used for speculation as well.


Almost 99% USD Activity is Speculation

Venture capital firm Castle Island Venture recently interviewed Tom Lee, Managing Partner and the Head of Research at Fundstrat Global Advisors. In the latest On the Bring podcast, Lee argued that only a small portion of US dollars are used to buy and sell goods or services, while the rest of it is used for speculating on other assets. Thus, it is not fair to attack Bitcoin.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

For every dollar that you use to buy a good or a service, it’s used 95 five times to speculate on a financial asset

If we do the math, according to Lee’s logic, only 1% of the US dollars are used for payments.

Moreover, Lee said that the primary use of any currency is to speculate and try to make money on other assets. The Fundstrat’s executive explained that even stablecoins like Libra wouldn’t enjoy the function of a means of payment only. While some may use stablecoins to store value or buy Starbucks, their main goal is to speculate on other assets.

Even traditional markets like real-estate, stocks, and bonds are shrouded by price speculation. Thus, it doesn’t make any sense to point the finger at Bitcoin.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin Has Intrinsic Value

During the one-hour interview, Lee also touched upon Bitcoin’s intrinsic value. He said argued that it’s incorrect to say that the cryptocurrency has no such value.

In August, the UK Financial Conduct Authority bashed Bitcoin, saying that it has no intrinsic value and warning investors to exercise caution.

However, Lee said that Bitcoin had real network value, including based on the cost of production paid by miners. Also, the oldest cryptocurrency out there is still at its nascent stage, as only 0.5% of potential owners actually use it. When Bitcoin has a higher penetration, its valuation will almost certainly go up.

Do you find it a problem that Bitcoin is currently used for speculation? Share your thoughts in the comments section!


Images via Shutterstock 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Anatol Antonovici

Anatol Antonovici

Related Posts

Shuttered Crypto Bitzlato Exchange Allow Users To Get 50% Of BTC Funds

Shuttered Crypto Exchange Bitzlato Opens Withdrawals For Users

8 hours ago
Crypto and Bitcoin

Crypto Liquidations Hit $291 Million As Bitcoin Shows Volatility

9 hours ago
Bitcoin

Bitcoin Under $27,000 As Short-Term Holders Lock In Highest Profits Since Nov. 2021

1 day ago
Crypto.Com Became The10th Largest BONE Holder

Crypto.Com Became The10th Largest BONE Holder

1 day ago
crypto bitcoin greed

Crypto Investor Sentiment Returns To Bitcoin All-Time High Levels

1 day ago
Bitcoin

Bitcoin Transactions Rise, But Exchange Activity Remains Flat: Glassnode

1 day ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Zoinks – a Risk-Free Bridge between the Crypto and Fiat.

    7 hours ago
  • Ethereum (ETH) Investors Are Bullish After Shanghai...

    7 hours ago
  • Huobi Token (HT) and Collateral Network (COLT) Are Top...

    7 hours ago
  • Cardano (ADA) Searches For AI Solutions – Can Avorak...

    7 hours ago
  • Arbitrum Listing Campaign: $10,000 To Be Won!

    11 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.