On March 5, 2024, Bitcoin reached a new all-time high (ATH), breaching the $69,000 level. This was a huge moment, considering that many were willing to count Bitcoin out when it was trading at the $15,000 level less than 15 months ago. However, some do not see Bitcoin’s bullish momentum ending there.
Tom Lee is a managing partner and head of research at Fundstrat, one of the most prominent financial research firms in the world. In an interview with CNBC, Lee said that Bitcoin will “make a bee-line back towards its long-term trend line,” which could propel it to $150,000 before year end…and much much higher numbers in the future.”
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Lee is a prominent voice in the financial sector, and his opinion is valued by many. His bullish take on Bitcoin could cause traders to act, potentially propelling Bitcoin even higher.
Additionally, in the interview, Lee discusses his main reasons for why he believes that Bitcoin is so polarizing among the investment community.
First, he says that it is a generational issue. Crypto, he says, “is being adopted and used by younger folks, Millennials and Gen Z.” He noted that it has a strong global presence, particularly among the unbanked and those without access to strong financial institutions.
His second reasoning revolves around its growth. Bitcoin started as a small project that was not used by many, meant for use among individuals. This mission contrasts with the “traditional financial system [and] those who are used to the venture capital world or institutional access before individuals.” The innovation occurred in the opposite direction, starting with individuals before making its way to institutions, which was an issue for some.
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He mentions the issue of trust. Bitcoin relies on a decentralized and distributed network to verify transactions, which means that “Bitcoin represents trust in a trustless world.” Lee seems to be getting at an issue that is much larger than Bitcoin but is impacting the ability for Bitcoin to achieve large-scale adoption.
The comments on the interview were largely positive, with users saying that “when Tom speaks, you listen” and that “Fundstrat’s Tom Lee is a National Treasure!”
As Bitcoin reaches somewhat of an inflection point after reaching new ATHs, many are looking for professional advice on where Bitcoin could go soon. According to Tom Lee, the bullish move is only just beginning.
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This article Fundstrat’s Tom Lee: Bitcoin Will Reach “$150,000 Before Year End” originally appeared on Benzinga.com
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