Fundstrat’s head of research, Tom Lee, has doubled down on his $150,000 bitcoin price prediction, stating that the crypto could reach that price level this year. He cited three key reasons driving his bullish price forecast. Describing bitcoin as “sound money,” he emphasized that the cryptocurrency is incredibly secure and proving to be a good risk asset and a great store of value.
Fundstrat's Tom Lee Anticipates Bitcoin Hitting $150K This Year — Calls BTC 'Sound Money'
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Fundstrat’s $150K Bitcoin Price Prediction
Thomas Lee, a managing partner and the head of research at Fundstrat Global Advisors, shared his bitcoin price prediction in an interview with CNBC Wednesday. Fundstrat is an independent financial research boutique providing strategic market insights. Lee has over 25 years of experience in equity research. Before co-founding Fundstrat, he served as JPMorgan’s chief equity strategist from 2007 to 2014 and previously as managing director at Salomon Smith Barney.
When asked about what he thinks the price of bitcoin will be for the remainder of the year, Lee replied:
I think it could be as high as $150,000 this year.
He explained that his bullish prediction comes from several factors. “Because you’ve got demand improving with the [spot bitcoin exchange-traded fund] ETF and you have the supply shrinking with the halving, and if monetary policy eases, which we expect, that’s supportive for risk assets and bitcoin’s holding up,” he detailed. “I don’t think the drawdown is going to start that soon.”
For his long-term BTC price prediction, he reiterated his forecast of $500,000 over five years. Describing bitcoin, he emphasized:
It is sound money, and I think it’s proving to be useful … It’s been a great store value. It’s been a good risk asset. It’s also incredibly secure.
Lee asserted: “There hasn’t been a single fraudulent entry on the blockchain since inception. I don’t think any bank can say that’s true about their P&L and accounting. You know 6% of banking transactions are suspicious, 0% on the Bitcoin blockchain.”
Following the launch of spot bitcoin ETFs and the initial price dip in January, the price of bitcoin has been gradually climbing over the past month. Coinbase CEO Brian Armstrong said last week that every institution is now starting to hold crypto and the asset class will become a standard part of every portfolio. Privacy advocate Edward Snowden said BTC is the “most significant monetary advance since the creation of coinage.” Microstrategy’s executive chairman, Michael Saylor, said the largest crypto has become the world’s “most popular investment asset.” Skybridge founder Anthony Scaramucci said it is not too late to buy bitcoin, expecting a “face-ripping rally incoming.” Some people are skeptical, however. Gold bug Peter Schiff warned of a bitcoin pump and dump, cautioning of a massacre.
Do you think the price of bitcoin will reach $150,000 this year due to the factors described by Fundstrat’s Tom Lee? Let us know in the comments section below.
