Bitcoin bull Tom Lee of Fundstrat Global Advisors says the crypto king could be about to launch nearly 420% of the current price if the right fundamentals are in place.
In a new CNBC interview, Lee says crypto is dependent on monetary policy and will benefit from a slowdown in inflation as central banks are expected to ease soon.
“I think crypto is the remaining allocation based on what the central bank might do. And of course bitcoin separately has this catalyst for the ETF – we are in a window of opportunity where we are starting to see the potential for SEC clearance of a spot bitcoin ETF.”
The investor says the approval of a spot-based Bitcoin exchange-traded fund (ETF) could be the trigger that could send BTC well into the six-figures. Lee says that without the spot ETF, Bitcoin still has tailwinds from next year’s halving, but that alone won’t be enough to push BTC past $100,000.
“If the spot bitcoin [ETF] is approved, I think the demand will be greater than the daily supply of bitcoin and hence the clearing price is above $150,000. It could even be $180,000…
There are still upside catalysts due to next year’s halving so supply will fall again so the clearing price will need to go up but it won’t be in six figures.”
Earlier this week, former Securities and Exchange Commission (SEC) official John Reed Stark said that a spot-based Bitcoin ETF would likely be approved by the SEC if a Republican were elected president in November 2024.
“Given the partisan divide that has developed regarding crypto, particularly at the SEC, I suspect that should a Republican be elected US President in 2024, the list of Republicans appointed to the SEC is likely :
1) Significantly reduce the SEC’s cryptocurrency enforcement efforts, likely filing primarily fraud cases and shifting away from indictments for pure registration violations (e.g., a crypto trading platform’s failure to register as an exchange, broker-dealer, and clearing house). to register); And
2) Become far more receptive to Bitcoin spot ETF approval and more likely to take other key crypto-friendly regulatory actions.”
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