Tom Lee of Fundstrat Foresees a 450% Bitcoin Surge Due to a Key Catalyst
Tom Lee, Managing Partner at Fundstrat Global Advisors, suggests a single catalyst might propel Bitcoin (BTC) to reach a price in the six figures.
In a recent CNBC discussion, Fundstrat's Tom Lee highlights the potential impact of a Bitcoin spot ETF approval in the US by the SEC. "Should a spot Bitcoin ETF be approved, demand might surpass daily Bitcoin supply, pushing its price to possibly reach between $150,000 and $180,000," Lee notes. As of now, Bitcoin's value stands at $26,432, meaning it would need a surge of 467%-580% to align with Fundstrat's projections.
However, Lee offers a counter-scenario: "If the spot BTC ETF isn't greenlit in the US, Bitcoin's value might still rise due to the upcoming halving, which reduces supply. Nevertheless, a six-figure price may remain elusive."
Lee further emphasizes the interconnectedness of cryptocurrencies and broader economic policies. He observes, "Crypto's trajectory is influenced by the Federal Reserve's monetary policies. If we see inflation subsiding, anticipation of more relaxed financial conditions and prompt central bank interventions may arise, which is a bullish scenario for cryptocurrencies and other alternative assets.
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Aug 19, 2023
