Fundstrat co-founder Tom Lee says that Bitcoin (BTC) could reach a quarter of a million per coin before the year ends.
In a new interview with CNBC, the Fundstrat head of research was asked what levels he thinks BTC can reach over the next few months by the end of the year.
“I think the $200,000 to $250,000 range for Bitcoin still makes sense, because that would still only value it at 25% of the size of the gold market. So I think digital gold means Bitcoin should be worth over a million dollars per Bitcoin. That could happen in the next few years, but maybe pricing in 25% of that – especially with the Genius Act – makes sense.”
Bitcoin is worth $118,096 at time of writing. When asked about the burgeoning stablecoin market, Lee says there is more institutional acceptance happening in the sector.
Given much of stablecoins’ reliance on the Ethereum network, Lee says the rise of the sector will likely provide a boost for ETH.
“I mean, stablecoins are the ChatGPT moment for crypto, because businesses like it and consumers are adopting them. Now we see JPMorgan and Citi getting into the stablecoin market—and the Genius Act is part of how that’s happening…
Well, Circle is one way [to ‘play’ stablecoins], because it’s a standout company. They’ve done really well. But Ethereum is really the way to play stablecoins, because the majority of stablecoins are created on Ethereum. It’s over 30% of Ethereum’s network fees. And if Scott Benson’s right, he says now it’s close to a $4 trillion market. That’s exponential growth for Ethereum.”
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