Tom Lee of Fundstrat believes that the approval of the first-ever US spot bitcoin ETF could propel the cryptocurrency to new heights in 2024. Speaking to CNBC, Lee suggested that Bitcoin could potentially reach $180,000 next year, a significant leap from its previous record high of $69,000. He reasoned that if the spot bitcoin ETF gets the green light, the demand for bitcoin would surpass its daily supply, pushing its clearing price to possibly $180,000. While the Jacobi Bitcoin ETF has already been launched in Europe under the ticker BCOIN, US regulators have not yet approved similar funds, with applications from major asset managers like BlackRock and Fidelity still pending.
Tom Lee of Fundstrat believes that the approval of spot bitcoin ETF could move BTC to 180K
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Lee further emphasized that even without the spot ETF’s approval, Bitcoin still has potential upside due to the upcoming halving event in 2024. This event will halve the rewards for bitcoin miners, creating a scarcity effect as outlined by Bitcoin’s creator, Satoshi Nakamoto. Historically, each halving has been followed by new record highs for Bitcoin within a year. However, Lee believes that while the halving could boost Bitcoin’s price, a six-figure jump would require the spot ETF’s regulatory approval in the US. Additionally, Lee highlighted that favorable macroeconomic conditions and Federal Reserve policies are bullish indicators for cryptocurrencies. He also predicted a new all-time high for the S&P 500 by year-end, emphasizing the potential influx of $5.5 trillion in cash into the market.