Known for his bold predictions about Bitcoin (BTC) and the cryptocurrency market, Fundstrat co-founder and BitMine president Tom Lee made important statements about Bitcoin and Ethereum (ETH).
Speaking at the TOKEN2049 conference in Singapore, Tom Lee said that BTC could reach $140,000 and ETH could reach $22,000.
Comparing gold to Bitcoin, Lee predicted that Bitcoin could rise to $140,000 in the short term. For this to happen, he noted that Bitcoin’s value would need to reach about 10% of gold’s current value.
Lee also added that if the value of the Bitcoin network were to be the same or higher than that of gold, BTC could rise to as much as $2.2 million.
Secondly, touching on Ethereum, Tom Lee stated that the price of Ethereum could reach $22,000.
Lee stated that there are two conditions for this: the ETH/BTC ratio reaching its all-time high of 0.087 in 2021 and BTC reaching $250,000 by the end of the year. If both of these are met, the ETH price could reach $22,000.
Tom Lee has also said in other recent statements that he expects the Bitcoin price to be between $200,000 and $250,000 by the end of the year, and the Ethereum price to be between $10,000 and $12,000.
Lee also stated that Bitmine’s goal is to increase its Ethereum holdings to 5% of the ETH supply.
As you may recall, Bitmine announced on Monday that it purchased 234,846 ETH worth $963 million in the past week. With this latest purchase, Bitmine (BMNR) now holds 2,650,900 ETH worth approximately $11 billion, representing more than 2% of ETH’s total supply.
*This is not investment advice.