Investor Tom Lee believes that Bitcoin (BTC) will attain his formidable worth goal over an extended arc of time.
In a brand new CNBC interview, Fundstrat’s CIO says Bitcoin appears to be like poised to hit new all-time highs this yr, pushed by an increasing international cash provide.
In line with Lee, he expects Bitcoin to surge by a minimum of 41% from present ranges earlier than the yr expires.
“Bitcoin is responding to international liquidity, which is shifting up. And I feel it’s anticipating a dovish Fed subsequent yr, in order that’s a tailwind for Bitcoin.
Bitwise has an amazing stat: 95% of all Bitcoin has been mined, however 95% of the world doesn’t personal Bitcoin. So I simply suppose 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 feel there’s loads of upside to year-end… Yeah, [I got a target] of $150,000, possibly $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 feel at a minimal, it ought to have the identical community worth as gold, and when you take a look at above-ground gold, it’s most likely $23 trillion, so that may $1.2 million for Bitcoin. However I feel Bitcoin is extra precious than gold. Bitcoin may very well be $2 million, $3 million long run, even increased.”
At time of writing, Bitcoin is buying and selling for $105,900.
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