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Fundstrat expert Tom Lee expects the Bitcoin price to triple this year, as he made clear during his appearance on a recent episode of CNBC’s Squawk Box show. There are three major reasons why Lee expects Bitcoin to keep soaring this year.
Lee’s prediction follows a bullish Bitcoin forecast made by Robert Kiyosaki, where he mentioned $100,000.
Fundstrat’s expert named three key factors that are likely to drive the price of the world’s flagship cryptocurrency up this year. The first one has already landed – spot Bitcoin ETFs. These exchange-traded products allow investors to bet on the Bitcoin price without actually having to buy BTC.
.@fundstrat’s Tom Lee expects stocks to decline in the first half, but hasn't seen signs of a near-term top yet. He joins to discuss: pic.twitter.com/bBsyAN8foC
On Jan. 11, the Securities and Exchange Commission spearheaded by Gary Gensler finally gave the green light to spot BTC ETFs on Jan. 11 – that was for 11 ETFs at once. The list of issuers included some of the largest fund management companies in the U.S. – BlackRock, Ark Invest, Fidelity, VanEck. According to a VanEck report, the most recent daily trading volume of its Bitcoin ETF amounted to $399,923,600.
Lee stated that Bitcoin ETFs will start scooping up BTC from the market, driving up demand for this asset.
The second reason is the approaching Bitcoin halvening, which is going to create a supply shock, Tom Lee said. Halvening events take place every four years for proof-of-work-based cryptocurrencies. It will reduce the amount of Bitcoin minted per block by half – from 6.25 currently down to 3.125 BTC after the halving in April.
The third important reason that is likely to be a major Bitcoin price driver are the interest rates that the Federal Reserve is expected to start reducing. Low interest rates are beneficial for risk assets, Lee explained, and Bitcoin is considered a risk asset by Wall Street and banks.
Earlier this week, investor and entrepreneur Robert Kiyosaki, known to many as the author of “Rich Dad Poor Dad” on financial literacy made an ultra-bullish Bitcoin prediction earlier this year.
In a brief tweet, he stated that he expects the digital gold to skyrocket as high as $100,000 by June this year. This is just two months after the Bitcoin halving.
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