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Tom Lee Feels Bitcoin Can Hit US$55,000 per BTC

Avatar newsbtc 3 years ago

Now is a good time as any to make a bold Bitcoin price prediction. Tom Lee, one of Wall Street’s top strategists, did exactly that. In his opinion, Bitcoin will outshine gold in the next five years. Moreover, Lee sees the Bitcoin value surpass the US$20,000 mark with relative ease. It is even possible one BTC will be worth US$55,000 by 2022. Very interesting statements, to say the least.

It is evident Wall Street experts have no love lost for Bitcoin and cryptocurrency. According to some people, cryptocurrency is clearly in a bubble. It is certainly possible there is some merit to such statements. Then again, free markets can’t be predicted in an accurate manner. Strategist Tom Lee feels things are looking a lot better than others predict. In his opinion, Bitcoin will eventually cannibalize gold altogether. That would be a rather remarkable turn of events, to say the least.

Tom Lee Makes a Bold Bitcoin Price Prediction

In his opinion, Bitcoin will be worth as much as US$55,000 by 2022. Such a high number may seem ludicrous at first, but it is not entirely impossible to reach either. With investors showing less demand for gold and more interesting in cryptocurrency, such a shift can take place sooner rather than later. Even reaching the “minimum” of US$20,000 per BTC would be rather incredible. After all, that puts the total Bitcoin market cap at around US$332bn. To put this into perspective that would be an 800% market cap increase over the next five years.

It is worth mentioning Lee is quite bearish on stocks right now. That in itself is very remarkable where Wall Street is concerned. Most traders still scalp stocks for minuscule profits whenever they can. However, opportunities are harder to come by and returns are a lot lower compared to a few years ago. It is evident Bitcoin makes a lot more sense in this regard. Supply and demand can push the BTC value to new heights over time, that much is evident.

Moreover, the influx of “new coins” in Bitcoin will slow down by 2020. Gold, on the other hand, is being mined at an accelerated pace right now. High demand for a limited product should have a positive effect on the price. Only time will tell if Lee’s prediction is accurate, though. We have seen some wild price predictions over the years, which never even got close to hitting their mark. This one may be a bit too optimistic, for the time being. Then again, there is no reason to deny the possibility of Bitcoin hitting US$20,000 either.

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