Tom Lee of Fundstrat envisions a six-figure surge in Bitcoin’s price upon SEC approval of a spot Bitcoin ETF, reaching $150,000-$180,000.
Tom Lee, managing partner at Fundstrat Global Advisors, believes that Bitcoin (BTC) might reach a six-figure price with just one event.
According to Lee, if and when the US Securities and Exchange Commission (SEC) approves a spot Bitcoin exchange-traded fund (ETF), demand for the cryptocurrency might soar. Lee made this claim in a recent interview with CNBC.
The demand for Bitcoin is expected to exceed the daily supply if the spot BitcoinETF is approved. Thus, the clearance price—which exceeds $150,000—is handled by our crypto digital strategist, Sean Farrell. It might even be as much as $180,000.
Because a spot Bitcoin ETF is authorised outside of the US, it is a spot US.
As of this writing, the price of BTC is $26,432, and it would need to increase by 467% to 580% in order to meet Fundstrat’s prediction.
Regarding what would probably happen to the price of Bitcoin if a US-approved spot BTC ETF is denied, Lee says,
Because of the halving next year, there is still potential. When supply declines once more, the clearing price must rise. It won’t be six digits, though.
The Bitcoin bull claims that future monetary policy decisions by the Federal Reserve will have an effect on cryptocurrency assets.
Monetary policy has an impact on cryptocurrency. Therefore, we can begin to wager on forward financial conditions loosening and the central bank loosening sooner if inflation is dropping. That bodes well for alternative investments like cryptocurrencies.
