Investor Tom Lee believes that Bitcoin (BTC) will reach his ambitious price target over a long arc of time.
In a new CNBC interview, Fundstrat’s CIO says Bitcoin looks poised to hit new all-time highs this year, driven by an expanding global money supply.
-->According to Lee, he expects Bitcoin to surge by at least 41 from current levels before the year expires.
“Bitcoin is responding to global liquidity, which is moving up. And I think it’s anticipating a dovish Fed next year, so that’s a tailwind for Bitcoin.
Bitwise has a great stat: 95 of all Bitcoin has been mined, but 95 of the world doesn’t own Bitcoin. So I just think that there’s still a huge demand versus supply imbalance, meaning there’s a lot more potential buyers of Bitcoin over the next 10 years. So I think there’s a lot of upside to year-end… Yeah, [I got a target] of $150,000, maybe $200,000 or even $250,000 this year.”
But over an extended period of time, Lee sees Bitcoin catching up to or even surpassing the market cap of gold, ultimately leading to a massive price tag for BTC.
“I think at a minimum, it should have the same network value as gold, and if you look at above-ground gold, it’s probably $23 trillion, so that would $1.2 million for Bitcoin. But I think Bitcoin is more valuable than gold. Bitcoin could be $2 million, $3 million long term, even higher.”
At time of writing, Bitcoin is trading for $105,900.
