Bitcoin Could Hit Six Figures if Spot Bitcoin ETF is Approved, Says Fundstrat’s Tom Lee
Fundstrat Global Advisors managing partner Tom Lee believes that Bitcoin could reach a six-figure price if a spot Bitcoin exchange-traded fund (ETF) is approved in the US by the U.S. Securities and Exchange Commission (SEC). Lee explains that the demand for Bitcoin would surpass its daily supply if the spot Bitcoin ETF is approved, leading to a clearing price of over $150,000. Even if the ETF is approved outside the US, the price could still reach $180,000. However, if the ETF fails to win approval, Bitcoin’s price could still see an increase due to the halving next year, but it would not reach six figures. Lee also emphasizes the impact of the Federal Reserve’s monetary policy on the cryptocurrency market, stating that crypto assets are dependent on monetary policy and that easing conditions would be bullish for crypto and alternative assets.
Key Points:
- The approval of a spot Bitcoin ETF in the US could cause Bitcoin to reach a six-figure price.
- If the spot Bitcoin ETF is approved, the demand for Bitcoin would exceed its daily supply.
- The clearing price, according to Fundstrat’s Sean Farrell, could be over $150,000 or even $180,000.
- If the spot Bitcoin ETF fails to win approval, Bitcoin’s price could still increase due to the halving next year.
- The Federal Reserve’s monetary policy will impact crypto assets.
Hot Take: Fundstrat’s Tom Lee believes that the approval of a spot Bitcoin ETF in the US could be a catalyst for Bitcoin to reach a six-figure price. However, even if the ETF is not approved, Bitcoin’s price could still see an increase in the future. The Federal Reserve’s monetary policy will play a significant role in shaping the cryptocurrency market, with easing conditions being bullish for crypto and alternative assets.
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