Source: Finance Association
① Lee said the price of Bitcoin could soar to $500,000 in the next five years; ② He said that approval of a Bitcoin ETF could lead to a surge in demand for this cryptocurrency. ③ He said, “The supply is limited, and now with the approval of spot Bitcoin ETFs, demand is likely to increase significantly.”
Tom Lee, co-founder and head of research at the US investment agency Fundstrat Global Advisors, said that as ETFs are approved and demand surges, the price of Bitcoin could soar to record highs in the next few years.
In a recent interview, Lee said that Bitcoin could jump to the $100,000 to $150,000 range within the next 12 months, and the cryptocurrency could soar to $500,000 within the next five years.
These price targets will surpass the all-time high of $69,000 reached in November 2021, up 1011% from Bitcoin's current price of around $45,000.
Lee said, “The supply of Bitcoin is limited, and now with the approval of the Bitcoin Spot ETF, our demand is likely to increase dramatically, so I think within five years, the price of Bitcoin could reach around $500,000.”
US Securities and Exchange Commission (SEC) Chairman Gary Gensler said the agency approved the first batch of US-listed exchange-traded funds (ETFs) tracking Bitcoin on Wednesday, a watershed moment for the world's largest cryptocurrency and the broader crypto industry.
The SEC posted an announcement on its website stating that the committee approved applications including companies such as BlackRock, Ark Investments, 21Shares, Fidelity, Invesco, and VanEck. Some products are expected to start trading as early as Thursday.
Spot Bitcoin ETFs should make this cryptocurrency more accessible to investors and financial advisors who haven't experienced the tedious process of opening accounts with cryptocurrency custodians, buying cryptocurrencies directly, and handling different types of asset storage.
Instead, a spot Bitcoin ETF would allow a large number of investors to gain exposure to cryptocurrency risk from their already established brokerage accounts.
Lee isn't the only Wall Street analyst who has high expectations for the Bitcoin price. Standard Chartered said the cryptocurrency could soar to $200,000 by the end of 2025, assuming the ETF would attract $50 billion to $100 billion from investors in the first year of trading.
editor/tolk