Tom Lee, famous American investor, spoke to CNBC this Wednesday (16) and was optimistic about Bitcoin’s future. In his sights are the halving, expected for April 2024, and the possible approval of a spot Bitcoin ETF in the US.
Even in December 2018, when Bitcoin was at $3,100 after an 84% drop, Lee was confident in his position. On the date, the fair value for Bitcoin was revealed to be $150,000.
Five years later, Bitcoin has still not reached $150,000, but it has since increased in value 10 times, which is why it has recently been praised. Regardless, Lee still believes the cryptocurrency will achieve its goal.
Tom Lee Comments on Effects of Halving and Potential Bitcoin ETF in US
Every analyst seems to have a price target in mind for Bitcoin. While Cathie Wood believes in $1.6 million, Tim Draper is aiming for $250,000. Tom Lee, on the other hand, seems a bit more conservative next to them, claiming since 2018 that BTC will be worth $150,000.
Speaking to CNBC, shared by Michael Saylor, Tom Lee explains that Bitcoin could skyrocket if an ETF is approved in the US, to $180,000, nearly R$1 million, per coin.
“If the Bitcoin spot ETF is approved, I believe demand will exceed Bitcoin’s daily supply. So the compensation price […] remains above $150,000 (R$750,000). It can go up to US$180,000 (R$900,000).
“Like the place #Bitcoin ETF is approved… the clearing price of $BTC is more than $150,000. —Tom Lee @fundstrat pic.twitter.com/ILQZqdjsZA
—Michael Saylor⚡️ (@saylor) August 16, 2023
When asked if these numbers are only possible if an ETF is approved, Lee was keen to emphasize that it must be a cash ETF and in the US. After all, an ETF was approved in Europe that week, but the market remained static.
Following his response, the investor pointed out that the Bitcoin halving could also help Bitcoin price. However, he noted that BTC alone will not reach $100,000 because of this.
“There are still bright spots because next year we will have the halving”remarked Lee. “Then you have another dip in supply and the offset price has to go up, but it won’t be six figures ($100,000).”
Bitcoin securities for $150,000
If Bitcoin reaches the goal dreamed of by Tom Lee, it means its market value will reach US$2.9 trillion, surpassing giants like Microsoft (2.4 trillion) and Apple (US$2.8 trillion), today’s two largest companies in the world, will surpass .
Given that, the only asset ahead would be gold, today with a market cap of US$12.7 trillion.
MicroStrategy’s 152,800 bitcoins, now valued at $4.45 billion, would jump to $22.9 billion, likely causing the stock to jump in the same direction. So this explains Michael Saylor’s interest in Tom Lee’s prediction.
Finally, while the Bitcoin halving is expected to take place at the end of April 2024, the Bitcoin ETF remains unknown. While the SEC has a deadline for responding to requests, the Commission may deny them again, as it has done on previous occasions.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
