Investor Tom Lee believes that Bitcoin (BTC) will attain his formidable value goal over a protracted arc of time.
In a brand new CNBC interview, Fundstrat’s CIO says Bitcoin appears poised to hit new all-time highs this yr, pushed by an increasing world cash provide.
Based on Lee, he expects Bitcoin to surge by a minimum of 41% from present ranges earlier than the yr expires.
“Bitcoin is responding to world liquidity, which is shifting up. And I believe it’s anticipating a dovish Fed subsequent yr, in order that’s a tailwind for Bitcoin.
Bitwise has an excellent stat: 95% of all Bitcoin has been mined, however 95% of the world doesn’t personal Bitcoin. So I simply assume that there’s nonetheless an enormous demand versus provide imbalance, that means there’s much more potential consumers of Bitcoin over the following 10 years. So I believe there’s lots of upside to year-end… Yeah, [I got a target] of $150,000, perhaps $200,000 and even $250,000 this yr.”
However over an prolonged time frame, Lee sees Bitcoin catching as much as and even surpassing the market cap of gold, in the end main to an enormous price ticket for BTC.
“I believe at a minimal, it ought to have the identical community worth as gold, and should you have a look at above-ground gold, it’s in all probability $23 trillion, so that may $1.2 million for Bitcoin. However I believe Bitcoin is extra beneficial than gold. Bitcoin might be $2 million, $3 million long run, even greater.”
At time of writing, Bitcoin is buying and selling for $105,900.
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