Fundstrat Global Advisors managing partner Tom Lee says one catalyst could spur Bitcoin (BTC) to hit a six-figure price.
In a new CNBC interview, Lee says that demand for Bitcoin could skyrocket if and when a spot Bitcoin exchange-traded fund (ETF) is approved in the US by the U.S. Securities and Exchange Commission (SEC).
“If the spot Bitcoin [ETF] gets approved, I think the demand will be greater than the daily supply of Bitcoin. And so the clearing price, this is done by Sean Farrell who’s our crypto digital strategist, is over $150,000. It could even be like $180,000…
A spot US because a spot Bitcoin ETF is approved outside the US.”
Bitcoin is trading at $26,432 at time of writing and would need to appreciate by between 467% and 580% to reach Fundstrat’s forecast.
On Bitcoin’s likely price action if a spot BTC ETF fails to win approval in the US, Lee says,
“There’s still upside because of the halving next year. So you’ll have a drop in supply again so the clearing price has to increase. But it won’t be six figures.”
According to the Bitcoin bull, the Federal Reserve’s monetary policy going forward will impact crypto assets.
“Crypto is dependent on monetary policy. So if inflation is cooling, then we can start to bet on forward financial conditions easing and the central bank easing sooner. That’s bullish for crypto, alternative assets.”
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