Tom Lee thinks 2024 could be a big year for Bitcoin (BTC).
Lee, the managing partner at equity research firm Fundstrat Global Advisors, says in a new interview on The Julia La Roche Show that two major tailwinds will prime BTC for success next year.
[adinserter block="1"]“The first is monetary policy’s flipping. Central banks are really flipping dovish. You’ve never had a down cycle in crypto when the Fed’s easy. And the second is that there’s really a way to onramp more customers because a Bitcoin spot ETF (exchange-traded fund) is likely to get approved.
I love how people think that that’s not an upside story. It’s a $2 trillion asset class that you can’t really access through your 401(k) today. But if you make it available through a spot ETF, remember US households have like $170 trillion of investable capital.”
Lee says if people put just 1% of their 401(k)s into Bitcoin, it could overwhelm BTC’s supply, which could drive prices higher.
“I think Bitcoin could have a very strong year next year.”
James Seyffart, an exchange-traded fund research analyst at Bloomberg Intelligence, predicts that the first spot BTC ETFs will be approved next month.
Bitcoin is trading at $43,402 at time of writing.
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