The managing partner of Fundstrat Global Advisors, Tom Lee, is making a six-figure prediction for Bitcoin (BTC).
Lee says in a new CNBC interview that Bitcoin could explode by over 500% from the current level within five years.
Asked to give a timeline for his price prediction, the Fundstrat managing partner says Bitcoin could surge to “something around $200,000 within five years.”
Bitcoin is trading at $29,982 at time of writing.
On the rationale for his bullish thesis, Lee says,
“Bitcoin is very useful. I think in the US there’s a tendency to think the financial system works well for everybody. But for people who have money, it does work well.”
The Fundstrat managing partner says the impact of a spot Bitcoin exchange-traded fund (ETF) getting authorized in the US is being underestimated.
“I think the Bitcoin ETF, I think people underestimate how important that will be…
And the multiplier right now [if a Bitcoin ETF is authorized] is roughly four-to-one, meaning a dollar of inflows is four dollars to the change in the price of Bitcoin’s market cap. So you know if you get a $100 billion or $200 billion of demand that’s $800 billion…”
In the event that spot Bitcoin ETF applications are rejected in the US, Lee says
“[If you don’t get an ETF] then you’re going to rely on sort of organic network effects. But I do think an ETF is very likely and that would also be a very important and underestimated catalyst.”
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney