Summary List Placement
Fundstrat Global Advisors managing partner Tom Lee is confident that bitcoin will continue to rally in the wake of Elon Musk’s abrupt reversal Wednesday on allowing Tesla to accept the cryptocurrency as payment.
“I don’t think it’s going to get people negative on bitcoin, but it is going to get people to focus on the problems that are being created by digital assets,” he told Insider. “It is probably better to view it as a call to action for the bitcoin industry to focus on renewables or more efficient ways to provide proof of work.”
On May 12, the Tesla CEO suspended vehicle purchases made using bitcoin, citing environmental reasons. The announcement sent shockwaves across the digital asset ecosystem.
Following the news, bitcoin plunged nearly 15%. Other digital assets such as ether and XRP, as well as cryptocurrency-linked stocks including Coinbase, MicroStrategy, and Square, all sank as well.
Yet, Lee is confident enough that market will move past Musk’s…