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During his Monday appearance on CNBC's “Squawk Box,” Fundstrat co-founder Tom Lee predicted that the price of Bitcoin will reach $150,000 in 2024.
According to Lee, Bitcoin is still at the beginning of its current bull cycle. “The idea that it could reach $150,000 remains in our base case,” he said.
The leading cryptocurrency is currently trading just above the $63,000 level after giving up some of its recent gains.
As reported by U.TodayLee believed the market had been misled by April's turmoil in a recent conversation with American investor Anthony Scaramucci.
Earlier this year, the Fundstrat co-founder also spoke in detail about the transformative impact of Bitcoin ETFs, describing them as a “wonderful development” as they allow people to gain exposure to the largest cryptocurrency without the need to store private keys.
Lee estimates that the price of Bitcoin could reach $500,000 in the next five years.
Inflation will fall “considerably”
A week ago, the price of Bitcoin saw a dramatic fall due to stagflation fears triggered by worrying inflation data. The co-founder of Fudndstrat is, however, convinced that inflation will decrease “considerably” this year in the United States.
“I think inflation is going to slow pretty dramatically,” Lee said.
Lee cannot accurately predict when this dramatic decline in inflation will occur, but he expects it to happen in the second half of 2024.
Lee doesn't think the US Federal Reserve is really comfortable with long-term rates at such levels. He explained that high rates put a lot of pressure on regional banks. “It hurts their balance sheet. The cost of money is quite high, especially compared to the rest of the world.”
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