In a recent interview on CNBC Squawk Box, Tom Lee, co-founder of Fundstrat, made bold predictions about Bitcoin price, stating that he believes the cryptocurrency could hit $150,000 within the next 12 months. 

Tom Lee’s Bitcoin Price Prediction

Lee attributed this potential surge in Bitcoin price to an increase in demand, especially if the U.S. Securities and Exchange Commission (SEC) were to approve a spot Bitcoin Exchange-Traded Fund (ETF). He further extended his projection to a five-year timeframe, stating that reaching around half a million dollars is “definitely achievable.”  

Several current fundamentals support Tom Lee’s optimistic prognosis for the Bitcoin price trajectory. To begin, the growing involvement of institutional investors in the Bitcoin market is seen as a positive development. Institutional adoption increases legitimacy and attracts large-scale investments, thereby driving up demand and price.

Anthony Scaramucci, a well-known crypto figure, predicts that Bitcoin’s worth will hit $330,000, citing an influx of big investments. Samson Mow on Jan 3 repeated a similar sentiment, anticipating a $1 million increase because of limited BTC availability and large institutional investment.

Additionally, Bitcoin’s upcoming halving event scheduled for April could contribute to its scarcity. As the supply decreases, and demand remains or increases, scarcity could drive up Bitcoin price, according to the principles of basic economics.

Historic Bitcoin ETF Day

The global crypto and stock markets are eagerly awaiting the SEC’s decision on spot Bitcoin ETFs, with the final deadline for the approval or denial of ARK 21Shares Bitcoin ETF (ARKB) set for January 10. 

Experts anticipate that all 11 spot Bitcoin ETF prospectuses could be approved simultaneously. Reports suggest that some spot Bitcoin ETF issuers’ amended S-1 filings are expected to be declared immediately by the SEC, potentially allowing these ETFs to commence trading as early as Thursday.

Recent filings by major ETF issuers, including BlackRock and VanEck, indicate their willingness to comply with the SEC’s concerns, paving the way for multiple S-1 filings until the regulatory body deems the registration statements effective.

As the crypto market awaits the SEC’s decision on spot Bitcoin ETFs, Lee’s predictions add to the anticipation and speculation surrounding Bitcoin’s future. If Lee’s predictions materialize, Bitcoin price could experience a substantial surge in value, opening up new possibilities for investors and enthusiasts alike.

The post Fundstrat’s Tom Lee Sees Bitcoin (BTC) Price Hitting $150K in 12 Months appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am