Fundstrat’s Tom Lee Says $150 Trillion in US Household Wealth Could Boost Bitcoin via New ETFs
Fundstrat’s managing companion Tom Lee believes Bitcoin may gain advantage immensely from a brand new market following the introduction of spot BTC exchange-traded funds (ETFs) on the earth’s largest financial system.
In a brand new CNBC interview, Lee says spot Bitcoin ETFs will make a “large distinction” out there cap of the main digital asset because it allows US households to get BTC publicity in a handy and protected course of.
In response to the Fundstrat govt, only a tiny portion of US family wealth allotted to BTC will greater than double the worth of Bitcoin.
“As an alternative of getting to go to an trade after which fear about your personal keys many buyers can now use conventional monetary markets to entry Bitcoin. There’s $150 trillion of family web value simply within the US.
Allocating simply 1% [of US household wealth] into crypto can be $1.5 trillion of inflows. That’s already greater than Bitcoin’s community worth.
So I believe there’s great potential and I believe it’s a extremely necessary diversification for lots of oldsters which have publicity to US greenback property in equities or bonds. And, you realize, Bitcoin can be a good hedge in opposition to quite a lot of financial dangers.”
Bitcoin is buying and selling at $42,684 at time of writing with a market capitalization of almost $836 billion.
Final week, Lee predicted that Bitcoin might exceed a value of $100,000 and hit as excessive as $150,000 earlier than the top of this yr.
“I believe within the subsequent 12 months, one thing over $100,000, perhaps $150,000. And within the subsequent 5 years, there’s a finite provide and now we now have a doubtlessly large improve in demand with a spot Bitcoin [exchange-traded fund] approval, so I believe in 5 years, one thing round $500,000 can be doubtlessly achievable.”
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