Market research boutique Fundstrat envisions Bitcoin (BTC) reaching $500,000 per coin within the next five years – in large part due to expected Bitcoin spot ETF approvals.
“I think in five years, something around half a million would be potentially achievable,” said Fundstrat’s Tom Lee in an interview with CNBC on Wednesday.
How Meaningful Is A Bitcoin ETF?
Lee stood by his prior predictions that Bitcoin could reach above $100,000 and possibly tap $150,000 within 2024 alone.
“There’s a finite supply, and now we have a potentially huge increase in demand with a spot Bitcoin approval,” he explained.
Bitcoin underwent major volatility on Tuesday after a fake SEC tweet claiming spot ETFs were approved sent the asset to a new multi-year high of $47,800.
Industry figureheads have predicted for months that ETF approvals would unlock vast pools of institutional capital previously incapable of purchasing spot Bitcoin.
In November, ex-NYSE president Tom Farley – who now spearhea
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