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- Fundstrat co-founder Tom Lee believes that Bitcoin’s price has not yet peaked, viewing the recent price plunge as a potential buying opportunity.
- Bitcoin’s price has surged 5% over the past 24 hours, reclaiming the $62,000 mark after a brief dip to $56,000 on May 1st.
- Lee has previously predicted that Bitcoin could reach $150,000 in 2024, and maintains that the cryptocurrency will never go to zero due to its market size and utility.
Tom Lee, co-founder of Fundstrat, remains bullish on Bitcoin despite recent price volatility, viewing dips as buying opportunities and predicting a potential value of $150,000 by 2024.
Lee’s Outlook on Bitcoin’s Future
During a recent episode of “Speak Up” with American investor Anthony Scaramucci, Lee expressed his conviction that Bitcoin’s price has not yet reached its peak. He views the recent price plunge as a bear trap and a potential buying opportunity. “I think that we are kind of being fooled by the April turmoil,” he stated. Despite Bitcoin being down 16.2% from its all-time high of $73,737, Lee remains optimistic about its future.
Bitcoin’s Utility and Market Size
Lee argues that Bitcoin’s security and utility make it a breakthrough in technology. He believes that its use extends beyond everyday transactions, such as buying coffee at Starbucks, and that its security makes it incredibly useful. Furthermore, Bitcoin’s proven history as an asset and its market size contribute to Lee’s belief that Bitcoin will not go to zero. “How many trillion-dollar markets have been around for 15 years and then disappeared? Never happened in history,” he stated. Lee also noted that financial institutions are gradually recognizing Bitcoin’s potential, with entities like BlackRock supporting it through spot Bitcoin ETFs.
Conclusion
Despite Bitcoin’s recent price volatility, industry experts like Tom Lee remain bullish on its future. With its utility, security, and market size, Bitcoin is seen as a valuable asset with significant growth potential. As financial institutions continue to recognize and support Bitcoin, its value could continue to rise in the coming years.
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