Fundstrat’s Tom Lee calls the Bitcoin fight tried and tested and says there is reason to be bullish on BTC

Tom Lee, Managing Partner of Fundstrat Global Advisors, says he is optimistic about the future of Bitcoin (BTC) after the crypto king has weathered many challenges.

In a new CNBC interview with Squawk Box, Lee says Bitcoin’s ability to perform well despite regulatory crackdown suggests the digital asset is here to stay.

“It’s been quite a battle hardened year this year because we’ve seen some of the biggest regulatory moves against crypto and bitcoin and it’s bottomed out. It has bottomed out.”

Lee also says that while there have been some bad players in the crypto space, more traditional financial players are taking their place, which could mean a brighter future for Bitcoin.

“There’s still some kind of exit phase for a lot of players, but then we replaced them with some of the traditional players that have a lot of credibility, like BlackRock and Citadels, who get into bitcoin.” So I think there are reasons to be optimistic be.”

According to Lee, miners are making money and Bitcoin is showing “a lot of technical support.”

He adds that bitcoin is more popular among millennials – people born between 1981 and 1994 – and that they will soon inherit huge amounts of wealth, which will likely lead to an increase in the number of bitcoin holders.

“It’s like a generation thing. I find [gold] is kind of a baby boomer thing and bitcoin is more of a millennial thing. But as we know, in the next 20 years, much of the wealth will be transferred to younger people. There are only 100 million bitcoin holders in the world.”

At the time of writing, Bitcoin is trading at $30,668, up 1.8% over the past 24 hours.

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