Tom Lee of Fundstrat foresees a potential surge in Bitcoin’s value, particularly if the US approves spot Bitcoin ETFs, hinting at prices exceeding $150,000.
In a recent CNBC interview, Tom Lee, co-founder of Fundstrat Global Advisors, predicted a potential surge in Bitcoin’s value, especially if spot Bitcoin exchange-traded funds (ETFs) receive US approval.
Lee believes that if the US greenlights several spot Bitcoin ETF applications, Bitcoin’s demand could overtake its daily supply, possibly driving its price beyond $150,000. While spot Bitcoin ETFs are available in Europe, US approval could create a larger ripple effect due to the nation’s significant role in crypto-related ETF trading.
This bullish outlook coincides with expectations surrounding Bitcoin’s next halving event in April 2024, which many predict will result in increased scarcity and a subsequent price hike. Regardless of the outcome of current ETF applications, Lee foresees a price rise due to the halving’s effects.
The US Securities and Exchange Commission (SEC) can take up to 240 days to finalize its decision on Bitcoin ETFs. With industry giants like BlackRock entering the fray, many speculate that approvals may be imminent.
However, industry voices like Jesse Myer, co-founder of Bitcoin investment firm Onramp, caution that the market might not instantly mirror these optimistic projections. Despite varying opinions, the speculation around Bitcoin’s future pricing remains a focal point in the crypto world.