Tom Lee :
from Fundstrat :
predicts that the price of Bitcoin will reach $150,000
this year and describes Bitcoin as "digital gold".
The head of research at Fundstrat, Tom Lee, reiterated his prediction for the price
of Bitcoin to reach $150,000, indicating that the cryptocurrency
could reach this price level this year.
He pointed out three main reasons supporting his positive price prediction.
He described Bitcoin as "digital gold," affirming that
the cryptocurrency is extremely secure and proves
to be a good and renewable financial asset and an excellent store of value.
Fundstrat's prediction :
for the price of Bitcoin at $150,000 :
Thomas Lee, Managing Partner and Head of Research at Fundstrat Global
Advisors :
shared his Bitcoin price predictions in an interview with CNBC on Wednesday.
Fundstrat is an independent financial research firm providing strategic market
insights. Lee has over 25 years of experience in equity research.
Prior to founding Fundstrat
he was Chief Equity Strategist at JPMorgan from 2007 to 2014
and previously an executive director at Salomon Smith Barney.
When asked about what he thinks Bitcoin's price
will be for the rest of the year, Lee replied:
"I think it could get to $150,000 this year."
He explained that his positive outlook comes from several factors.
"Because you're seeing demand increase with [the exchange-traded Bitcoin fund]
ETF and supply decrease with the halving
and if monetary policy eases, as we expect, that's supportive of risk assets
and Bitcoin's continued viability," he clarified. "I don't think
the decline starts that fast."
As for his long-term price prediction for Bitcoin, he reaffirmed his expectation of
$500,000 within five years. He referred to Bitcoin, describing it
saying:
It's digital gold :
- and I think it's proving to be useful… It's been an excellent
- store of value. It's been a good financial asset.
- It's also extremely secure."
He emphasized:
"Not one forged input has occurred on
the blockchain since its inception.
I don't think any bank could say that about its financial and accounting ledger.
You know that 6% of bank trading is suspicious
whereas 0% on the Bitcoin blockchain."
After the launch of exchange-traded Bitcoin funds and the initial price drop in
January :
the price of Bitcoin began to gradually rise over the past month.
Coinbase CEO Brian Armstrong said last week that every institution
is now starting to embrace cryptocurrencies
and this asset class will become a standard part of every portfolio.
Privacy advocate Edward Snowden said
Bitcoin is :
"the most significant cash evolution since the minting of coins.
Microstrategy Chairman Michael Saylor said the largest
cryptocurrency has become "the most popular investment asset in the world.
Skybridge founder Anthony Scaramucci said it's not too
late to buy Bitcoin, expecting "a strong price increase ahead.
However :
some people remain pessimistic. Gold enthusiast Peter Schiff warned of Bitcoin
pumping and dumping, cautioning against a massacre.
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