Tom Lee, co-founder of Fundstrat, has predicted a rise in the price of the major cryptocurrency.
In an interview with CNBC, he stated that if the US Securities and Exchange Commission approves a Bitcoin ETF, the value of genuine Bitcoin might rise to more than $150,000 per unit.
“If the spot Bitcoin [ETF] gets approved, I think the demand will be greater than the daily supply of bitcoin,” he explained. “So the clearing price — this is done by our crypto digital strategist — is over $150,000. It could even be like $180,000.”
Lee’s study is centered on the status of spot Bitcoin ETF approval in the United States. The US Securities and Exchange Commission (SEC) has not yet approved a spot Bitcoin ETF. Despite the fact that an offshore Bitcoin ETF was recently listed, Lee’s primary focus is on US clearance.
Over the course of several years, the US SEC has routinely denied or postponed petitions for a spot Bitcoin ETF. There is doubt about the SEC changing its stance under the present government, led by President Biden.
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Former SEC official John Reed Stark believes that a spot Bitcoin ETF is unlikely to be approved during the Biden administration.
Regardless of ETF approval, Lee believes Bitcoin will continue to rise in value owing to a future occurrence known as the halving.
This is a deliberate decrease in the daily supply of new bitcoins. The next Bitcoin halving event is planned for April 26, 2024.
