Tom Lee: If the ETF is approved, the price of bitcoin will rise to $150,000

If the US Securities and Exchange Commission (SEC) gives the green light to Bitcoin-ETF, the first cryptocurrency will be able to overcome the $150,000 mark and approach $180,000, said Tom Lee, co-founder of the analytics firm Fundstrat.

ETFs based on digital gold have proven themselves internationally, but the support of the United States will be the cornerstone for the local crypto industry, the expert added.

“When the spot bitcoin ETF is approved, I think the demand for it will exceed the daily supply of the asset itself,” he explained.

If the agency does not approve the applications, the first cryptocurrency still has potential for growth due to the upcoming halving in April 2024, Lee emphasized.

On June 15, BlackRock filed an application for a spot bitcoin ETF with the SEC. Following the financial giant, similar requests came from Valkyrie, Fidelity Investments, WisdomTree and Invesco.

The head of Fundstrat also drew attention to the relationship of digital assets with the “broader monetary climate.” In his opinion, the stabilization of inflation could pave the way for easing market conditions.

This, in turn, could prompt central banks to ease regulatory pressure, creating a fertile ground for cryptocurrencies.

Lee pointed out that the current US core inflation of 4.65% is due to the strong real estate market. According to his forecast, by mid-2024, the value will fall below 2%.

In February 2022, the businessman announced his expectations of a “huge” influx of speculative capital into cryptocurrency. However, a few months later, he called the level of such funds on the market insufficient.

Li’s previously founded firm FSInsight predicted that the first cryptocurrency would hit $200,000 in the second half of 2022.

Source: Cryptocurrency

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