Appearing Monday on CNBC’s “Squawk Box,” Fundstrat co-founder Tom Lee foretold that the price of Bitcoin will reach $150,000 in 2024.
Appearing Monday on CNBC’s “Squawk Box,” Fundstrat co-founder Tom Lee foretold that the price of Bitcoin will reach $150,000 in 2024.
According to Lee, Bitcoin is still in the early stages of its current bull cycle. “The idea that it could go to $150,000 is still within our base case,” he said.
The leading cryptocurrency is currently trading just above the $63,000 level after giving up some of its recent gains.
As reported by U.TodayLee opined that the market was being misled by the April turmoil during a recent conversation with American investor Anthony Scaramucci.
Earlier this year, the Fundstrat co-founder also spoke in detail about the transformative impact of Bitcoin ETFs, describing them as a “wonderful development” as they allow people to get exposure to the largest cryptocurrency without the need to store private keys.
Lee believes that the price of Bitcoin could reach $500,000 in the next five years.
Inflation will fall “dramatically”
A week ago, the price of Bitcoin saw a dramatic drop due to stagflation fears sparked by worrying inflation data. The co-founder of Fudndstrat, however, is convinced that inflation will decrease “drastically” this year in the US.
“I think inflation is going to cool quite dramatically,” Lee said.
Lee cannot predict precisely when this dramatic drop in inflation will occur, but he expects it to happen in the second half of 2024.
Lee doesn’t think the US Federal Reserve is really comfortable with long-term rates at these levels. He explained that high rates are putting a lot of pressure on regional banks. “It’s hurting their bottom line. The cost of money is quite high, especially relative to the rest of the world.”
