Tom Lee of Fundstrat has shared an optimistic forecast for Bitcoin, projecting the cryptocurrency to potentially soar to $150,000 this year while currently trading around the $51,000 level.
This optimistic projection by Lee is driven by the increasing demand for Bitcoin following ETF approval and the anticipated reduction in supply when mining rewards are halved next month.
In addition, Lee anticipates that a relaxed monetary policy this year will provide support for risk assets, including Bitcoin, despite recent caution from the Federal Reserve.
Furthermore, Lee suggests that Bitcoin has the potential to reach as high as $500,000 per coin over the next five years, emphasizing its role as sound money and a secure store of value.
In response to questions about Bitcoin’s association with nefarious activities, Lee highlighted the historical precedent of gold being initially favored by pirates, suggesting that Bitcoin’s use by criminals does not diminish its widespread trustworthiness.
As of the latest update, Bitcoin was up approximately 0.4% over a 24-hour period, reaching $51,233.
