Fundstrat Global Advisors’ co-founder and head of research Tom Lee believes that Bitcoin (BTC) would possibly merely outperform the S&P 500 this 12 months.
During an appearance on CNBC’s TV programme “Futures Now”, Lee, who’s one of basically essentially the most distinguished Bitcoin supporters on Wall Street, acknowledged forecast that the distinctive cryptocurrency would attain its December highs of spherical $20,000 by mid-2018. If that happens, Lee acknowledged he would possibly see Bitcoin making a superb bigger switch inside the second half of the 12 months.
“Even on a risk-adjusted basis, I think bitcoin is going to easily outperform the S&P,” Lee acknowledged yesterday, as quoted by CNBC. “On a long-term basis, [the easiest way to look at bitcoin is] as a replacement or a store of value,” he acknowledged. “So as millennials discover and generate income, they’re going to use it as a replacement for gold.”
“If [bitcoin] gets 5 percent of the gold market, that’s roughly $50,000,” he added.
Las 12 months Lee made a variety of bullish predictions about Bitcoin. In August, when the Bitcoin price was spherical $3,500, the analyst said that the cryptocurrency would likely be one of one of the best performing asset via the rest of the 12 months.
In instantly’s shopping for and promoting, the Bitcoin price stood at $14,116.30, as of 13:27 GMT. The digital coin has misplaced 4.35% of its price up to now 24 hours, according to data from cryptocurrency tracker Coinmarketcap. Its market capitalisation in the mean time stands at $237 billion, which represents a third of the total price of the cryptocurrency market.
For additional information on how to buy and commerce Bitcoin, see our full Bitcoin data.