Tom Lee sets new price for Bitcoin after approved ETF

important point:

  • Tom Lee, Director of Fundstrat, believes that the Bitcoin price will gain significantly following the approval of a BTC exchange-traded fund.
  • The businessman is convinced that the market capitalization of Bitcoin will skyrocket throughout 2024.
  • For this reason, he expects BTC to reach US$100,000 by the end of the year and does not rule out its rise to US$150,000.
  • Furthermore, he estimated how much the leading cryptocurrency will reach in 2029.

Tom Lee, one of the directors of Fundstrat, highlighted that Bitcoin will benefit significantly after the SEC approves the BTC spot ETF.

“Instead of going to an exchange and then worrying about their private keys, many investors can now use traditional financial markets to access Bitcoin. There is $150 trillion of family wealth in the United States alone.”He explained in detail.

In an interview with CNBC, the businessman believes that Market capitalization The leading cryptocurrency will skyrocket as retail investors will be able to easily access the assets.

,Allocating just 1% of US household wealth to cryptocurrencies would represent an inflow of $1.5 trillion. This is already more than the value of the Bitcoin network,

Reading.

Bitcoin currently has a market capitalization of over $844 billion and is trading above $43,000.

“C.I think it has huge potential and I think it’s a really important diversifier for a lot of people who have US dollar assets invested in stocks or bonds. And, you know, Bitcoin is a really good hedge against a lot of monetary risks.”Lee added.

Tom Lee predicts the future price of Bitcoin

Thanks to this “breakthrough” for Bitcoin, the businessman highlighted that the cryptocurrency can do the same Will exceed USD 100,000 by the end of 2024 And can even reach 150,000 USD.

Furthermore, he established a price for the next five years,

“There is a limited supply and now we have a potentially huge increase in demand with the Bitcoin spot (exchange-traded fund) approval, so I think in five years, there will be something 500,000 usd “This would potentially be achievable.”

Reading.

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