Thomas Lee, co-founder of Fundstrat Global, doesn’t like to take sides in the bitcoin/Bitcoin Cash rivalry. But holding his feet to the fire, Lee would bet on the No. 1 cryptocurrency over its spin-off, Bitcoin Cash.
Bitcoin and Bitcoin Cash advocates have locked horns over which is the better digital currency, and Lee’s decision isn’t all that surprising given he’s calling for a $25,000 bitcoin price by year-end. Lee tells CNBC:
“I prefer not to pick winners and losers when we’re looking at cryptocurrencies like bitcoin/Bitcoin Cash. I think both have merits. But if I were putting new money to work today, so a fresh dollar, I would be a lot more interested in buying a laggard that could attract inflows rather than something that’s already potentially overbought.”
Earlier this month, cryptocurrency fund manager Brian Kelly similarly made headlines for betting on Bitcoin Cash, the No. 4 digital currency based on market cap whose followers believe is the Second Coming for its features that capitalize on bitcoin’s issues — transaction speed and cost. The Bitcoin Cash price rallied in recent weeks amid an upcoming hard fork that’s scheduled for mid-May.
Lee suggests that Bitcoin Cash is “overbought”, pointing to Kelly’s “new entry” in Bitcoin Cash as helping to drive the price higher, though the BCH price has pulled back some from last week’s rally.