For Tom Lee, Bitcoin price will increase with the Consensus conference on May 14
According to Tom Lee, co-founder of Fundstrat, the price of Bitcoin may well increase during and after Coindesk’s Consensus Conference on May 14.
Consensus is one of the largest conferences in the “small” world of Blockchain. She will be held in New York from 14 to 16 May 2018 and will welcome more than 250 speakers.
The American firm Fundstrat is specialized in the prices analysis of cryptocurrency. As Bloomberg reports, the company believes that the price of Bitcoin will increase instantly during the conference.
Fundstrat researchers base their prediction on Bitcoin price behavior during previous Consensus editions. The more people present at the conference, the more valuable the Bitcoin price became.
For example, last year the number of people present had doubled compared to 2016 and the price of Bitcoin increased by 69% during the conference.
For Tom Lee, this is not just a temporary rise, but a real boost for Bitcoin. He explained that in July 2017, 60 days after Consensus, the Bitcoin price was still up 138% and that he expects to see a similar trend this year given the expected number of participants. (Between 4000 and 7000 people)
Lee concludes on the regulatory uncertainty in the USA regarding the classification of cryptocurrency. The currencies in the regulators’ viewfinder should not be considered securities in his view. He declares:
“If this were to happen, a drop would be to be expected but it is a truly unlikely scenario.”
Last month, Vitalik Buterin called on his followers not to attend the Consensus conference. Will this have an impact on attendance during the conference? Will Bitcoin price also rise this year?