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Bitcoin Price May Rally 4,900% and Hit Half a Million Dollars, Says Fundstrat Analyst Tom Lee – Here’s How
The head of research at Fundstrat Global Advisors, Tom Lee, says Bitcoin (BTC) could rise to half a million dollars in the long run. In a new interview with Nasdaq, Lee says he stands by his view that the BTC price will hit $40,000 before the Dow Jones hits 40,000. When asked if Bitcoin will hit $500,000, Lee says he believes a 4,900% increase is possible based on the number of users that ultimately join the network.
“I think in the long term it’s possible because today Bitcoin’s transaction activity is twice that of PayPal, 7x the Discover network. It’s the second-largest transaction network after Visa, and there’s four billion Visa card holders. So if you get to five million Bitcoin users, it’s almost 100x increase in price.”
As for the timeline for such a meteoric rise, Lee says he’s unsure and doesn’t have a crystal ball. But he does think Bitcoin has a strong use case in the current financial system.
“It’s not like I’m necessarily critical of how financial systems work, but too much money is paid to intermediaries. Today, roughly 6% of all GDP globally is paid to the financial system to manage trust. Bitcoin has been around for 11 years, has never had a single fraudulent activity on its blockchain with $5 trillion of activity. So it works better than the traditional financial system and the cost is vastly lower. Today, you can transmit a million dollars of Bitcoin between countries for $15. That same transaction using remittance counterparties would cost you 5 to 10% of that – $50,000 to $100,000.”
BITCOIN PRICE RETURNS ABOVE $10K, HERE’S WHY:
Bitcoin’s recent golden cross on the daily chart may have driven bullish enthusiasm for the leading crypto to reach a tipping point. With the upcoming halving, many investors are buying up sub 10K BTC in preparation of the supply-side shock.
Many crypto analysts have predicted when we will never see BTC price under 10K again, but with the golden cross, it may actually be the final catalyst to push Bitcoin’s price into 5 figures permanently. Bitcoin is often referred to as a deflationary currency due to it’s ever decreasing emission schedule of new coins. Eventually the economic law of supply and demand will have its impact on Bitcoin’s existing supply, and its decreased production of new coins, causing a rise in prices overall.
As BTC rises in price, we can expect Altseason to really kick into overdrive, due to their heavy correlation with Bitcoin’s price. We have already witnessed many traders diversifying into alts as BTC dominance has dropped over the last few weeks, dramatically. Many altcoins have already been outperforming Bitcoin so far this year, acting as leading indicators for the largest market cap coin.
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Show Notes / News Resources:
– https://dailyhodl.com/2020/02/18/bitcoin-btc-may-rally-4900-and-hit-half-a-million-dollars-says-fundstrat-analyst-tom-lee-heres-how/
– https://bitcoinist.com/bitcoin-price-returns-above-10k-heres-why/
– https://www.nasdaq.com/videos/marketbrief%3A-the-bull-case-for-bitcoin
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency, especially when trading Crypto. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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