The Managing Partner and Head of Research at Fundstrat Global Advisors, Tom Lee is still bullish on Bitcoin despite the markets currently being in turmoil which has affected all the cryptocurrencies. Since the middle of November, Bitcoin and other digital currencies have sunk massively to yearly lows. However, during an interview last week on CNBC’s Squawk Box, Lee believes that Bitcoin will hit $15,000 by the end of the year.
During the interview, the managing partner a Fundstrat said that digital assets are going to be relevant in a world that is quickly becoming more and more digital. At the start of this year, Lee said that Bitcoin was going to be worth around $25,000 by the end of 2018. However, he reviewed his predictions throughout the year. Halfway through the year, Lee changed his prediction and said that the leading cryptocurrency was going to be worth $22,000 but this didn’t last long since he went back on his word once again and returned to his original prediction of $25,000.
After the November crashes, leaving Bitcoin and the rest of the market to plummet, Lee changed his position once more, he said that Bitcoin could hit $15,000 by the end of 2018 and during the interview with CNBC, he confirmed this position. At the same time, Lee discussed the future potential of digital currencies and said that although the adoption is not big today, cryptocurrencies have a great potential. Although Bitcoin was trading around the $4,150 over the weekend. At the current time of writing, Bitcoin has a market cap of $70 billion and is priced at $4,041 and seems to be still sinking down.
If Lee is accurate in his prediction, this would mean that Bitcoin will have to surge up by over 200 percent in under a month before the turn of the year. There are other cryptocurrency experts and analysts who are doing their best to calm the markets down some hope. John McAfee wrote a tweet in which he answered that in over 20 months, Bitcoin could reach such highs of $1 million.
Remember that although Lee is informed, this is still speculation. If you wish to invest in Bitcoin, do so from your own research and do not use this prediction as a basis. $15k is a very optimistic prediction, as much as we hope it comes true, we have to admit, it’s pretty unlikely.
What are your thoughts? Where do you see Bitcoin going before the year's end? Let us know what you think down below in the comments!