Bitcoin bull Tom Lee of Fundstrat Global Advisors says that the crypto king could be about to launch nearly 420% from current prices if the right fundamentals line up.
In a new CNBC interview, Lee says that crypto is dependent on monetary policy and benefits from cooling inflation given that central bank easing can be expected soon thereafter.
“I think crypto is the residual allocation based on what the central bank could do. And of course, Bitcoin separately has this catalyst if the ETF — which we’re in the window where we’ll start to see the potential for the SEC approval of a spot Bitcoin ETF.”
The investor says that the approval of a spot-based Bitcoin exchange-traded fund (ETF) could be the catalyst that sends BTC well over six-figures. Without the spot-ETF, Lee says that Bitcoin still has tailwinds from its halving next year, but that alone won’t be enough to push BTC above the $100,000 mark.
“If the spot Bitcoin [ETF] gets approved, I think the demand will be greater than the daily supply of Bitcoin, and so the clearing price… Is over $150,000. It could even be like $180,000…
There’s still upside catalysts because of the halving next year, so you’ll have a drop in supply again so the clearing price has to increase but it won’t be six figures.”
Earlier this week, former official of the U.S. Securities and Exchange Commission (SEC) John Reed Stark said that a spot-based Bitcoin ETF would likely get approved by the SEC if a Republican is elected president in November 2024.
“Given the partisan divide that has evolved regarding crypto, especially at the SEC, my take is that should a Republican get elected US President in 2024, the slate of Republicans appointed to the SEC will likely:
1) Decrease significantly the SEC’s crypto-enforcement efforts, probably filing mostly fraud cases, shifting efforts away from charging pure registration violations (such as the failure of a crypto-trading platform to register as an exchange, broker-dealer and clearing firm); and
2) Become far more receptive to approving a Bitcoin spot ETF and far more likely to take other significant crypto-friendly regulatory actions.”
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Source: https://dailyhodl.com/2023/08/16/fundstrats-tom-lee-sets-bitcoin-btc-price-target-of-150000-on-etf-approval/