Investor Tom Lee believes that Bitcoin (BTC) will reach his ambitious price target over a long arc of time.
In a new CNBC interview, Fundstrat’s CIO says Bitcoin looks poised to hit new all-time highs this year, driven by an expanding global money supply.
According to Lee, he expects Bitcoin to surge by at least 41% from current levels before the year expires.
“Bitcoin is responding to global liquidity, which is moving up. And I think it’s anticipating a dovish Fed next year, so that’s a tailwind for Bitcoin.
Bitwise has a great stat: 95% of all Bitcoin has been mined, but 95% of the world doesn’t own Bitcoin. So I just think that there’s still a huge demand versus supply imbalance, meaning there’s a lot more potential buyers of Bitcoin over the next 10 years. So I think there’s a lot of upside to year-end… Yeah, [I got a target] of $150,000, maybe $200,000 or even $250,000 this year.”
But over an extended period of time, Lee sees Bitcoin catching up to or even surpassing the market cap of gold, ultimately leading to a massive price tag for BTC.
“I think at a minimum, it should have the same network value as gold, and if you look at above-ground gold, it’s probably $23 trillion, so that would $1.2 million for Bitcoin. But I think Bitcoin is more valuable than gold. Bitcoin could be $2 million, $3 million long term, even higher.”
At time of writing, Bitcoin is trading for $105,900.
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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 losses 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.
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