Investor Tom Lee says that a further 150% move for Bitcoin (BTC) on top of its already big gains is very likely.
In a new discussion on the Wealthion podcast with SkyBridge Capital founder Anthony Scaramucci, the Fundstrat head of research says the current technical trajectory of BTC and the incoming pro-crypto presidential administration are putting Bitcoin in a position to achieve his massive price target.
“Over the next twelve months, I think something over $250,000 is possible, but maybe highly probable based on just following this price cycle.
The second reason I think Bitcoin has maybe more upside than that is because the new administration has run on a pro-Bitcoin platform, and I think the possibility of the US not only legitimizing Bitcoin but making it a strategic reserve asset, I think raises what would be the possible price scenarios for Bitcoin because if the US government, as the intend, ultimately gets to a million Bitcoin it will be the largest Bitcoin holder in the world and they exert an enormous positive influence on legitimizing Bitcoin.
I would add to that… It’s almost like taking a playbook from MicroStrategy because MicroStrategy has proven that using Bitcoin as a balance sheet asset has really created a lot of value for MicroStrategy shareholders.”
In a recent interview with Natalie Brunell, Lee said that Bitcoin’s market cap could soar about 750% from its current value to hit $16 trillion.
Lee believes investors will increasingly flock to Bitcoin as a more useful store of value than gold.
At time of writing, Bitcoin is trading for $95,943.
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