Bitcoin's heading to a new all-time high along with the S&P 500, says Fundstrat's Tom Lee (via CNBCFastMoney)
The digital currency is headed to new record highs, says Tom Lee, co-founder, managing director and head of research at Fundstrat Global Advisors — but there's a catch some cryptocurrency investors may not be expecting.
"The next big catalyst, I think, is a decisive breakout in the equity markets, because I think once equities break to an all-time high, bitcoin becomes a risk-on asset.""If markets make a new all-time high and we see central banks still supportive, it's kind of good for liquidity, so there's ... liquidity going into bitcoin," Lee said.
Lee's theory is built in part on the historical ties between bitcoin and the equity markets. In the 10 years since bitcoin's launch, the best years for the S&P have coincided with best years for bitcoin, he said. The last several months have brought about "neither environment," leaving bitcoin's fate in the hands of uncertain investors, the strategist said.
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