Investor Tom Lee is bullish on Bitcoin (BTC) and predicts a further 150% move for the cryptocurrency, on top of its already impressive gains. During a discussion on the Wealthion podcast with Anthony Scaramucci, the founder of SkyBridge Capital, Lee highlighted the current technical trajectory of BTC and the potential impact of the incoming pro-crypto presidential administration as key factors driving Bitcoin’s price towards his massive target.
Lee stated, “Over the next twelve months, I think something over $250,000 is possible, but maybe highly probable based on just following this price cycle.” He also pointed out the positive stance on Bitcoin taken by the new administration, suggesting that the US government could potentially legitimize Bitcoin and even consider it as a strategic reserve asset. This, according to Lee, could lead to a significant increase in Bitcoin’s price, especially if the US government becomes the largest Bitcoin holder, further legitimizing the cryptocurrency.
Drawing parallels to MicroStrategy’s successful use of Bitcoin as a balance sheet asset, Lee emphasized the value that Bitcoin could bring to investors. He also predicted that Bitcoin’s market cap could soar about 750% from its current value to reach $16 trillion, as more investors turn to Bitcoin as a superior store of value compared to traditional assets like gold.
As of the time of writing, Bitcoin is trading at $95,943, showcasing its strong performance in the market. Lee’s optimistic outlook on Bitcoin’s future growth potential reflects a growing confidence in the cryptocurrency’s role in the financial landscape.
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