Tom Lee isn’t just one of our favorite voices in the crypto sphere – he’s become a dependable name when it comes to forecasts and predictions. An optimist for sure, he seldom gets its wrong when it comes to pinpointing the future direction of Bitcoin. Speaking in the mainstream media once again, this time around he’s warned investors to steer clear of Bitcoin Cash (BCH) and remain focused on Bitcoin (BTC).
The Roger Ver-backed BCH has become a controversial subject, largely as the holes in the cryptocurrency are becoming more and more evident. In an interview with CNBC, Lee reiterated his bullish Bitcoin stance, saying that while he didn’t want to take sides, “new money” is best served being invested into BTC over BCH. While admitting that BCH might have “merits”, it certainly wasn’t enough to make it a reputable crypto to invest in. “If I were putting new money to work today – a fresh dollar – I would be a lot more interested in buying a laggard that could attract inflows as opposed to something that’s already potentially overbought,” he said.
Lee – who has remained quiet on the brewing war between BTC and BCH supporters – now seems confident enough to give his opinion. When you consider that recently BCH/USD dropped almost 17% during a 24-hour period – compared to around a 2.4% BTC/USD dip – you can see that there is clear reasoning behind his thinking. When asked about why BCH had been able to experience notable gains prior to its 17% collapse, Lee felt that the upcoming hard fork has a role to play. With money flowing towards BCH for a short period, he said there is no denying that these developments “had something do to do with it”.
BCH came out firing when it first debuted on the crypto exchanges of the world, but now it’s on the receiving end of some fairly brutal criticism. Just recently we looked at how vocal backer Roger Ver has become a figure of ridicule in the crypto community, largely due to his pro-BCH rhetoric. With Lee presenting a strong BTC case this week and other key voices urging investors to dump BCH, things could yet get worse for Ver and the BCH cause.