Following Tom Lee’s prediction that Bitcoin will be valued at USD 25,000 by the end of the year, he now anticipates that the Consensus conference will be a significant driving force to reach these gains.
Lee heads the research team at Fundstrat Global Advisors, where he recently sent a note to clients advising them that he ”[expects] the Consensus rally to be even larger than past years”. The conference is running for the fourth consecutive year, with trends showing a correlation between a growing number of attendees and the price valuation of Bitcoin.
As reported by Bloomberg, this year the event is expected to draw in over 7,000 people, compared to the 2017 attendance record of 2,750. According to Lee’s note to his clients, last year’s event saw attendance rates double, offsetting a Bitcoin price increase of 69% during the conference, followed by a 138% rise the ensuing two months.
Although the value of Bitcoin has dropped to around USD 9,250 after reaching nearly USD 10,000, the cryptocurrency is still riding a three-week high after a difficult start to the year.
The potential caveat
While Lee stated that he firmly expects Bitcoin to act in a similar way as it has tended to around the time of the summit, he did note that recent regulatory uncertainty might be problematic for the cryptocurrency. Particularly, Lee stated that some digital currencies being classified as securities may result in the aggregate decline in their demand.
Nonetheless, he believes that traction from the conference will be significant enough to overcome this issue.
The Consensus conference is a blockchain and digital currency summit organized by CoinDesk, that hosts leading industry experts as keynote speakers during the event. This year, it will take place between 14 and 16 May, held at the Hilton Midtown, New York. Over 250 speakers have been booked, with a diverse background in investment, financial institutions, enterprise technology and academia.