3 Key Reasons Why Bitcoin Price May Surge to $150,000 This Year: Tom Lee

Fundstrat’s expert Tom Lee expects Bitcoin price to triple this year as he made it clear during his appearance at the CNBC’s recent Squawk Box show. There are three major reasons why Lee expects Bitcoin to keep soaring this year.

Lee’s prediction follows a bullish Bitcoin forecast made by Robert Kiyosaki, where he mentioned $100,000.

Three drivers for Bitcoin to reach $150,000 per Lee

Fundstrat’s expert named three key factors that are likely to drive the price of the world’s flagship cryptocurrency up this year. The first one has already landed – spot Bitcoin ETFs. These exchange-traded products allow investors to bet on Bitcoin price without actually having to buy BTC.

.@fundstrat’s Tom Lee expects stocks to decline in the first half, but hasn’t seen signs of a near-term top yet. He joins to discuss: pic.twitter.com/bBsyAN8foC

— Squawk Box (@SquawkCNBC) February 21, 2024

On January 11, the Securities and Exchange Commission spearheaded by Gary Gensler finally have the green light to spot BTC ETFs on January 11 – that was for eleven ETFs at once. The list of issuers included some of the largest fund managing companies in the US – BlackRock, Ark Invest, Fidelity, VanEck. According to a VanEck’s report, the most recent daily trading volume of its Bitcoin ETF amounted to $399,923,600.

Lee stated that Bitcoin ETFs will start scooping up BTC from the market, driving up the demand for this asset.

The second reason is the approaching Bitcoin halvening, which is going to create a supply shock, Tom Lee said. Halvening events take place every four years for proof-of-work-based cryptocurrencies. It will reduce the amount of Bitcoin minted per block by half – from 6.25 currently down to 3.125 BTC after the halving in April.

The third important reason that is likely to be a major Bitcoin price driver is the interest rates which the Fed Reserve is expected to start reducing. Low interest rates are beneficial for risk assets, Lee explained, and Bitcoin is considered a risk asset by Wall Street and banks.

Bitcoin to $100,000 by June 2024: Robert Kiyosaki

Earlier this week, investor and entrepreneur Robert Kiyosaki known to many as the author of the “Rich Dad Poor Dad” book on financial literacy made an ultra-bullish Bitcoin prediction earlier this year.

In a brief tweet, he stated that he expects digital gold to skyrocket as high as $100,000 by June this year. This just two months after the Bitcoin halving.

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