Fundstrat CEO Tom Lee says a myriad of positive catalysts are setting up to most likely push Bitcoin to much higher prices by the end of 2024.
In a new interview on CNBC, Lee says that looser monetary policy, the Bitcoin halving and the increased demand stemming from the new spot BTC exchange-traded funds (ETFs) are putting upward pressure on the flagship cryptocurrency.
Lee says $150,000 per coin is not out of the realm of possibility for this year.
“I think it could be as high as $150,000 this year…
Because you’ve got demand improving with the ETF, and you have the supply shrinking with the halving, and if monetary eases, which we expect, that’s supportive of risk assets and Bitcoin’s holding up. It’s another reason why I don’t think a drawdown is going to start that soon. I mean Bitcoin’s been rallying the last couple weeks.”
Lee also notes that many of the popular criticisms of Bitcoin are not founded on solid ground, such as the idea that it’s used by criminals or that it’s the weapon of choice for fraud.
“It is sound money, and I think it’s proving to be useful… It’s been a great store of value, it’s been a good risk asset. It’s also incredibly secure. There hasn’t been a single fraudulent entry on the blockchain since its inception. I don’t think any bank can say that’s true of their P&L (profit and loss) and accounting. 6% of banking transactions are suspicious. 0% on the Bitcoin blockchain.”
At time of writing, BTC is trading for $51,984.
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