- During a recent appearance on CNBC’s “Squawk Box,” Fundstrat co-founder Tom Lee predicted that Bitcoin’s price could reach $150,000 by 2024.
- Lee believes Bitcoin is still in the early stages of its current bullish cycle and maintains that the potential for a $150,000 Bitcoin is within Fundstrat’s base case scenario.
- Despite recent market volatility, Lee remains optimistic about Bitcoin’s future, citing the transformative impact of Bitcoin ETFs and the potential for inflation to drop “dramatically” in the coming years.
Fundstrat co-founder Tom Lee predicts Bitcoin could reach $150,000 by 2024, despite recent market volatility. Lee cites the transformative impact of Bitcoin ETFs and potential for inflation to drop as key factors.
Bitcoin’s Bullish Cycle Still in Early Stages
According to Lee, Bitcoin is still in the early stages of its current bullish cycle. Despite recent market volatility and Bitcoin’s price currently hovering just above $63,000, Lee maintains that the potential for a $150,000 Bitcoin is within Fundstrat’s base case scenario. He believes that the market was being fooled by the April turmoil and remains optimistic about Bitcoin’s future.
The Transformative Impact of Bitcoin ETFs
Earlier this year, Lee spoke about the transformative impact of Bitcoin ETFs, describing them as a “wonderful development.” Bitcoin ETFs allow people to have exposure to the largest cryptocurrency without the need to store private keys, making it more accessible to a wider audience. Lee believes that this could significantly contribute to Bitcoin’s potential price increase in the coming years.
Inflation to Drop “Dramatically”
A week ago, Bitcoin’s price experienced a dramatic plunge due to stagflation fears triggered by worrying inflation data. However, Lee is convinced that inflation is going to decline “dramatically” this year in the US. He expects this to happen in the second half of 2024, which could have a positive impact on Bitcoin’s price.
Conclusion
Despite recent market volatility, Fundstrat co-founder Tom Lee remains optimistic about Bitcoin’s future. He believes that Bitcoin is still in the early stages of its current bullish cycle and maintains that the potential for a $150,000 Bitcoin is within Fundstrat’s base case scenario. The transformative impact of Bitcoin ETFs and the potential for inflation to drop “dramatically” in the coming years could be key factors in Bitcoin’s future price increase.
