Fundstrat’s Tom Lee believes Bitcoin will surge 200% to $150k this year and $500k in 5 years

2024-2-23 22:51

Fundstrat Global Advisors co-founder Tom Lee believes Bitcoin is poised for a 200% growth over the coming months, taking its value to $150,000 per coin.

Lee made the statement during an appearance on CNBC’s Squawk Box on Feb. 21, where he discussed the various factors influencing Bitcoin’s value, including the role of ETFs, the upcoming Bitcoin halving, and shifts in monetary policy.

Lee also confirmed previous predictions and said he expects Bitcoin to reach $500,000 per coin over the next five years.

“Sound money”

Lee’s optimism about Bitcoin’s potential surge is partly based on the expectation of easing monetary policies, which he believes will bolster risk assets like Bitcoin.

Lee said:

“Because you’ve got demand improving with the ETF, and you have the supply shrinking with the halving. And if monetary policy eases, which we expect, that’s supportive of risk asset.”

He also pointed to Bitcoin’s resilience and its recent rally to cross $50,000 as reasons to believe that a significant drawdown is unlikely in the near future.

During the interview, Lee highlighted Bitcoin’s role as a “sound money,” emphasizing its utility for investors as a store of value, a good risk asset, and its unparalleled security features.

According to Lee:

“[Bitcoin has] been a great store of value. It’s also incredibly secure. There hasn’t been a single fraudulent entry on the blockchain since inception.”

Lee added that roughly 6% of all transactions made through traditional banks are suspicious, compared to “0% on Bitcoin.”

Illicit activity

Lee also addressed concerns about Bitcoin’s association with illicit activities, arguing that while critics like to point out its use in ransomware and other illegal transactions, the underlying issue is not unique to Bitcoin.

He noted that traditional fiat currencies, particularly the US dollar, are used in a much larger volume of illicit activities.

Drawing an analogy to pirates being the first to use gold, Lee suggested that Bitcoin’s adoption by criminals does not detract from its value or utility as a trusted asset. According to Lee, society realized gold’s value precisely because

He said:

“Here’s a way to think of it, criminals don’t trust anybody, but they trust Bitcoin.”

CNBC host Joe Kernen echoed Lee’s sentiments and said that most people appreciate Bitcoin because it’s a robust store of value that has proven its staying power, and pointed to the fact that 99% of all nefarious financial activity occurs via fiat.

The post Fundstrat’s Tom Lee believes Bitcoin will surge 200% to $150k this year and $500k in 5 years appeared first on CryptoSlate.

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