40.5 C
Dubai
Wednesday, May 29, 2024
HomeBitcoin NewsTom Lee Sees BTC Rising to $200K

Tom Lee Sees BTC Rising to $200K

Date:

Related stories

Tom Lee of Fundstrat fame is at it again. This time, he’s commenting in a recent interview that the price of bitcoin could reach a whopping $200,000 in the next few years, though he didn’t give a specific date this time around.

Tom Lee: BTC is Going to $200K

In the discussion, Lee said he’s been following Cathie Wood. Not long ago, the main madam behind Ark Invest said she thinks bitcoin could reach a price that surpasses the million-dollar mark in the next seven years or so, and Lee doesn’t think she’s that off, clearly complimenting her confidence. He stated:

I think her idea of network value for bitcoin and scarcity still argues that, if this isn’t an upcycle, her numbers are correct, you know, something in the $200,000-plus range.

Tom Lee has always been there to give his BTC predictions. Whether the world’s number one digital asset goes up or down, you can bet that Lee will be there in the shadows deciding or commenting about where it will go next. This would all be fine and dandy except for one thing… He hasn’t been right that often.

For example, at the end of 2018, Lee regularly stated that bitcoin was going to end the year on a high note. Prior to last year, 2018 was considered the worst period on record for bitcoin. During that time, BTC started at around $20K during the first few weeks of January. Over the next 12 months, it wound up in the mid-$3,000 range. It was embarrassing, it was sad, and a lot of traders lost way more than they bargained for.

However, while the currency continued to meander through the doldrums and show the world it wasn’t listening to what people wanted, Lee was there saying the asset was going to end 2018 at around $15,000. This didn’t occur as we all remember, and the situation was so crippling that eventually Lee commented that he wasn’t going to be making any more price predictions and would instead focus on the power and technicality behind BTC.

Former Statements Clearly Mean Nothing

This clearly isn’t happening, as here he is again saying bitcoin will rise out of the ashes. He says one big thing that’s happened over the past year or so is that many negative players have either gotten out of crypto or been forced to walk away, but they’ve all been replaced with compliant, positive entities. He mentioned:

There’s been sort of a stage exit stage left for a lot of players, but then we’ve replaced them with, you know, some of the traditional players that have a lot of credibility, like BlackRock and the Citadels coming into bitcoin.

Not long ago, bitcoin reached $31K, the highest it’s been in about four months.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

Latest stories