Crypto market analyst Tom Lee has predicted that Bitcoin might attain $500,000 inside the subsequent 5 years.
In an interview on CNBC’s “Squawk Field,” Lee predicted that Bitcoin might hit $100,000 and “possibly” $150,000 inside the subsequent 12 months, and added that “one thing round half 1,000,000 could be probably achievable” within the subsequent 5 years.
Lee cited Bitcoin’s finite provide and the doubtless huge improve in demand for Bitcoin following the anticipated approval of Bitcoin spot ETFs as causes for his prediction.
Lee, presently the Head of Analysis at FS Perception, argued in an October interview that the potential demand for Bitcoin if ETFs have been to be authorised might go as excessive as $100 million per day.
Lee cited the $100 million per day determine with regard to Bitcoin’s upcoming halving, which is predicted to happen in April. The halving might probably cut back the every day provide of Bitcoin to round 12 million.
Younger vs Previous
Squawk Field co-host Andrew Ross Sorkin then requested Lee for his ideas on whether or not people who historically bought Bitcoin via exchanges resembling Coinbase would proceed to take action within the wake of the expected approval of Bitcoin spot ETFs.
“A number of the youthful technology of traders wish to be my keys, my coin, so that they wish to personal the personal keys,” Lee mentioned.
The older technology, nevertheless, will nonetheless probably buy Bitcoin via public markets and public proxies, Lee predicted.
“As you recognize, there’s a technology of parents that might fairly allocate via their 401(okay), or via public markets or liquid property,” Lee mentioned. “In the event you take a look at a few of the share of property held by these over age 50, it’s near 76% of all wealth in America. It’s over $120 trillion. So I believe that cohort remains to be going to favor to personal it via public markets and public proxies.”
Lee isn’t the one analyst with a $150,000 prediction for Bitcoin.
Robert Kiyosaki, creator of “Wealthy Dad Poor Dad,” not too long ago expressed his pleasure on the impending approval of spot Bitcoin ETFs on an X post, writing, “BITCOIN ETF. Yay. Glad I purchased years in the past. Bitcoin to $150k quickly.”