Former OKEx CEO Defers to Huobi, Fundstrat #Crypto Analyst Predicts 25K for #Bitcoin by 2019


Crypto Corner - May 21, 2018

Former OKEx CEO Defers to Huobi, Fundstrat Crypto Analyst Predicts 25K for Bitcoin by 2019 but Vanguard Economist Sees 'Decent Probability that its Price Goes to Zero'

Chris Lee, who recently resigned as CEO of OKEx, has joined rival crypto exchange Huobi Group. Lee will be coming on as Board Secretary and VP of Global Business Development according to a press release from Huobi today. Lee praised his new employer and speculated that they could one day rival a business like Goldman Sachs.

"I am a big believer in blockchain technology and view exchanges as the heart of the industry. Huobi Group has built a strong foundation, from the popularity of its exchange to the investments the company has made in the global blockchain ecosystem. The combination of the team's technical expertise with industry-leading marketing and operational abilities positions it to become the Goldman Sachs of this new era in finance. If done properly, Huobi may even be bigger than Goldman one day."

Thomas Lee, Fundstrat Global Advisors' head of research, expects Bitcoin to rise to $25000 USD by the end of 2018, according to a story in Bloomberg. This is in spite of Lee's prediction on May 7 that Bitcoin would rally in response to the Consensus conference last week. Explaining his prediction about the conference on Friday, Lee said:

"Given conferences like Consensus are chances for the community to gather in a centralized place and meet constituents new to the community (growth in attendance), it seems natural that the combination of 'sanity check' (all is OK and progress is happening) plus 'new interest' (incremental attendance) should strengthen the crypto-community's conviction," he wrote. "And coupled with growth in incremental constituents, should have aided crypto-currency prices."

Conversely, Vanguard's Chief Economist cast a very different long term prediction for Bitcoin on a recent ETF.com op-ed. Davis expressed enthusiasm for blockchain technology in general, but said Bitcoin itself could crash utterly.

"I'm enthusiastic about the blockchain technology that makes bitcoin possible. In fact, Vanguard is using such technology. As for bitcoin the currency? I see a decent probability that its price goes to zero."

Get the Crypto Corner News by email Get Crypto Corner News