Thomas Lee, co-founder and head of research at the London-based fundraising research firm, Thomas Lee, acknowledged that his prediction of the rise of Bitcoin after the Consensus conference was wrong. Li claimed that the digital currency market still faces "significant internal resistance and barriers within traditional financial institutions," Bloomberg reported on May 18.
After accurately predicting the growth of digital currency markets after the US tax day in April, Tom Lee had another prospect for bitcoin on May 7, saying the digital currency would rise during and after the Consensus conference held in New York from May 14 to 16. "We expect that bitcoin and digital currencies will behave similarly to previous years and rise during the Consensis Conference," said co-founder of Vendestrat again earlier this month.
In a report to his clients on Friday, Tom Lee explained that his expectations are based on factors such as the common digital currency community in a "central place," as well as "growth in attendance." These factors were expected to have a positive impact on the prices of the digital currency and "enhance the conviction of the digital currency community.
And in a tweet on Twitter on May 18, Tom Lee confirmed the fact that digital currency markets lost 10% during the conference, although the conference was attended by 8,700 participants, "more than three times the previous year's attendance.
— Thomas Lee () 18 mai 2018
CRYPTO: #Consensus2018 rally did not happen, very disappointing. What we needed was a trifecta of progress: (i) institutional custody/tools; (ii) buy-in by banks/investment managers; (iii) regulatory clarity (3 of 3 needed), but we got progress on (i) and (ii). Full text below pic.twitter.com/XcqNhgYgK7
Tom Lee also suggested that the digital currency industry needs "Elements of progress" in the form of institutional tools, support from banks, and organizational clarity.