Tom Lee from Fundstrat commented on the market. The veteran analyst explained why he thinks the Bitcoin price has gone to $200,000.
Fundstrat’s Tom Lee made a new Bitcoin prediction!
In a recent interview with CNBC Crypto World, Fundstrat’s Tom Lee doubled down on his $200,000 price target for Bitcoin. Lee says the total U.S. household net worth is now $141.7 trillion, and it’s almost guaranteed that people will lose their money in bonds in the next ten years. Therefore, the analyst expects a lot of speculative capital to flow into crypto:
This can be huge.
Lee says crypto is interesting because every transaction is traceable. It also points to the fact that digital money is “much easier” to manage and move, making it a viable payment option. However, the analyst sees the high Bitcoin price as a barrier to adoption. Therefore, the analyst believes that the market can benefit from giving prices in Satoshis.
Analyst: Another dominant cryptocurrency may emerge!
According to Lee, Fundstrat’s entry into cryptocurrencies has been met with mostly skepticism and ridicule. However, many of the firm’s clients have come to view cryptocurrencies as a legitimate asset class as it has proven itself. Lee also thinks that “absolutely” another dominant cryptocurrency could emerge in the next decade. However, the analyst admits that almost no one has a sufficient level of conviction to make concrete predictions about the next decade:
Unless one has a crystal ball, it is very difficult to be precise in crypto.
Earlier, Lee predicted that the largest cryptocurrency would surpass $100,000, but the top cryptocurrency peaked at $69,000 before falling. The analyst faced a lot of criticism for his unsuccessful forecasts. In his most recent interview, the Fundstrat boss stressed that people should not place unhealthy amounts of cryptocurrencies in their portfolios.