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Fundstrat International Advisors co-founder Tom Lee believes Bitcoin is poised for a 200% development over the approaching months, taking its worth to $150,000 per coin.
Lee made the assertion throughout an look on CNBC’s Squawk Field on Feb. 21, the place he mentioned the assorted components influencing Bitcoin’s worth, together with the function of ETFs, the upcoming Bitcoin halving, and shifts in financial coverage.
Lee additionally confirmed earlier predictions and stated he expects Bitcoin to succeed in $500,000 per coin over the following 5 years.
“Sound cash”
Lee’s optimism about Bitcoin’s potential surge is partly based mostly on the expectation of easing financial insurance policies, which he believes will bolster danger belongings like Bitcoin.
Lee stated:
“Since you’ve bought demand enhancing with the ETF, and you’ve got the provision shrinking with the halving. And if financial coverage eases, which we count on, that’s supportive of danger asset.”
He additionally pointed to Bitcoin’s resilience and its current rally to cross $50,000 as causes to imagine {that a} vital drawdown is unlikely within the close to future.
Throughout the interview, Lee highlighted Bitcoin’s function as a “sound cash,” emphasizing its utility for buyers as a retailer of worth, a superb danger asset, and its unparalleled safety features.
In line with Lee:
“[Bitcoin has] been an amazing retailer of worth. It’s additionally extremely safe. There hasn’t been a single fraudulent entry on the blockchain since inception.”
Lee added that roughly 6% of all transactions made via conventional banks are suspicious, in comparison with “0% on Bitcoin.”
Illicit exercise
Lee additionally addressed issues about Bitcoin’s affiliation with illicit actions, arguing that whereas critics prefer to level out its use in ransomware and different unlawful transactions, the underlying subject shouldn’t be distinctive to Bitcoin.
He famous that conventional fiat currencies, significantly the US greenback, are utilized in a a lot bigger quantity of illicit actions.
Drawing an analogy to pirates being the primary to make use of gold, Lee prompt that Bitcoin’s adoption by criminals doesn’t detract from its worth or utility as a trusted asset. In line with Lee, society realized gold’s worth exactly as a result of
He stated:
“Right here’s a method to consider it, criminals don’t belief anyone, however they belief Bitcoin.”
CNBC host Joe Kernen echoed Lee’s sentiments and stated that most individuals admire Bitcoin as a result of it’s a strong retailer of worth that has confirmed its endurance, and pointed to the truth that 99% of all nefarious monetary exercise happens through fiat.