Benzinga - Tom Lee, the Head of Research at FS Insight, has shed light on the growing trust in Bitcoin (CRYPTO: BTC) among traditional financial players, emphasizing that the entire financial system is fundamentally "anchored by trust," including currencies, stocks, and even credit derivatives.
This trust, combined with the network value, is increasingly explaining Bitcoin's stability and potential for growth, he told CNBC on Thursday. The crypto industry's top thought leaders will be delving into Bitcoin's trajectory and the wider crypto landscape at Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023.
Lee addressed common criticisms of Bitcoin, including claims it's "backed by nothing" or likened to fleeting fads like "pet rocks" and "beanie babies."
He countered these arguments by highlighting the trust and network value that underpins the entire financial system, from the dollar to FANG stock prices.
Also Read: Crypto May Exacerbate Financial Crises In Emerging Economies: BIS Warns Of 'Illusory Appeal'
Drawing a generational comparison, Lee mentioned that while gold might be the preferred asset for baby boomers, Bitcoin resonates more with millennials.
With the impending wealth transfer to younger generations in the next two decades and only 100 million global holders currently, Bitcoin's potential for growth and acceptance seems promising, Lee noted.
Read Next: FBI Warns Of A Massive North Korean Bitcoin Cashout
Join Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.