Fundstrat's Tom Lee thinks Bitcoin is likely to have a very strong year in 2024 given two bullish tailwinds
Tom Lee believes 2024 could be a big year for Bitcoin (BTC).
Lee, managing partner of equity research firm Fundstrat Global Advisors, says in a new interview on the Julia La Roche Show that two big tailwinds will help BTC thrive next year.
“The first is the reversal of monetary policy. The central banks are really cautious. There has never been a downturn in cryptocurrencies when the Fed has been loose. And secondly, there is actually an opportunity to attract more customers as a Bitcoin spot ETF (exchange traded fund) is likely to be approved.
I love the way people think this isn't a good story. It's a $2 trillion asset class that you can't really access through your 401(k) account today. But if you make it available through a spot ETF, remember that U.S. households have about $170 trillion in investable capital.”
Lee says if people put just 1% of their 401(k)s into Bitcoin, that could overwhelm the supply of BTC, which could drive up prices.
“I think Bitcoin could have a very strong year next year.”
James Seyffart, exchange-traded fund research analyst at Bloomberg Intelligence, predicts that the first spot BTC ETFs will be approved next month.
At the time of writing, Bitcoin is trading at $43,402.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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