Tom Lee, one of Wall Streetâs biggest Bitcoin followers has said that the popular cryptocurrency could easily double, or even triple in the coming year ahead. Lee, who is the co-founder and head of research at Fundstrat Global Advisors, said, back in August 2017 predicted that Bitcoinâs rally above $10,000 and said that the popular cryptocurrency would outperform equities through the end of the year. This prediction was spot on, as Bitcoin rallied to early $19,800 in December.
Although the price of the coin has fallen slightly since, Lee is still predicting good things for the cryptocurrency. He said;
âEven on a risk-adjusted basis, I think Bitcoin is going to easily outperform the S&Pâ¦On a long-term basis [the easiest way to look at Bitcoin is] as a replacement or a store of valueâ¦SO as millennials discover and generate income, theyâre going to use it as a replacement for gold.â
Investors have said that this year, Bitcoin could well overtake the price of gold, with Lee saying;
âIf [Bitcoin] gets 5 percent of the gold market, thatâs roughly $50,000.â
This is an absolutely huge 200 percent move from where it is currently trading. He added;
âWe think that by mid-2018, weâre going to be part of the way there, and thatâs why we get [Bitcoin to $20,000]â¦If [Bitcoin] can actually rise close to [that $20,000 level] in the first half of this year, I think in the second half of 2018, weâll see a move bigger than thatâ¦So I think Bitcoin is still something you should own [all year].â
So far this year, Bitcoin has been performing well. Despite the fall at the end of the last year, Bitcoin is still up fifteen percent in the first few days of the New Year.
Image Source: Flickr