7 months ago
Fundstrat Global Advisors co-founder Tom Lee believes Bitcoin is poised for a 200% maturation implicit the coming months, taking its worth to $150,000 per coin.
Lee made the connection during an quality connected CNBC’s Squawk Box connected Feb. 21, wherever helium discussed the assorted factors influencing Bitcoin’s value, including the role of ETFs, the upcoming Bitcoin halving, and shifts successful monetary policy.
Lee besides confirmed erstwhile predictions and said helium expects Bitcoin to scope $500,000 per coin implicit the adjacent 5 years.
“Sound money”
Lee’s optimism astir Bitcoin’s imaginable surge is partially based connected the anticipation of easing monetary policies, which helium believes volition bolster hazard assets similar Bitcoin.
Lee said:
“Because you’ve got request improving with the ETF, and you person the proviso shrinking with the halving. And if monetary argumentation eases, which we expect, that’s supportive of hazard asset.”
He besides pointed to Bitcoin’s resilience and its recent rally to transverse $50,000 arsenic reasons to judge that a important drawdown is improbable successful the adjacent future.
During the interview, Lee highlighted Bitcoin’s relation arsenic a “sound money,” emphasizing its inferior for investors arsenic a store of value, a bully hazard asset, and its unparalleled information features.
According to Lee:
“[Bitcoin has] been a large store of value. It’s besides incredibly secure. There hasn’t been a azygous fraudulent introduction connected the blockchain since inception.”
Lee added that astir 6% of each transactions made done accepted banks are suspicious, compared to “0% connected Bitcoin.”
Illicit activity
Lee besides addressed concerns astir Bitcoin’s relation with illicit activities, arguing that portion critics similar to constituent retired its usage successful ransomware and different amerciable transactions, the underlying contented is not unsocial to Bitcoin.
He noted that accepted fiat currencies, peculiarly the US dollar, are utilized successful a overmuch larger measurement of illicit activities.
Drawing an analogy to pirates being the archetypal to usage gold, Lee suggested that Bitcoin’s adoption by criminals does not detract from its worth oregon inferior arsenic a trusted asset. According to Lee, nine realized gold’s worth precisely because
He said:
“Here’s a mode to deliberation of it, criminals don’t spot anybody, but they spot Bitcoin.”
CNBC big Joe Kernen echoed Lee’s sentiments and said that astir radical admit Bitcoin due to the fact that it’s a robust store of worth that has proven its staying power, and pointed to the information that 99% of each nefarious fiscal enactment occurs via fiat.
The station Fundstrat’s Tom Lee believes Bitcoin volition surge 200% to $150k this twelvemonth and $500k successful 5 years appeared archetypal connected CryptoSlate.
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