Fundstrat Predicts Bitcoin’s Potential Surge to $200,000 with Backing from Prominent Wall Street Figures

In an interview with CNBC, Tom Lee, the head of research at Fundstrat, expressed his optimism for bitcoin’s future, suggesting that the world’s largest cryptocurrency could reach a price above $200,000 in the coming years. Lee referenced Cathie Wood’s bullish outlook on bitcoin, emphasizing that her perspective on network value and scarcity supports the potential for significant growth.

Lee further highlighted the recent regulatory crackdown on the crypto industry as a crucial factor in bitcoin’s valuation. Despite the Securities and Exchange Commission’s actions against Coinbase and Binance, Lee believes that the regulatory scrutiny has actually “battle-tested” bitcoin, resulting in limited impact on its price. He stated that bitcoin already bottomed out around $25,000 during the market downturn.

Moreover, the regulatory uncertainty has attracted established Wall Street players to enter the crypto market. Lee specifically mentioned BlackRock, the world’s largest asset manager, which filed for a bitcoin ETF with the SEC. Lee sees the involvement of reputable traditional players like BlackRock and Citadel as a positive development for bitcoin.

The news of the potential bitcoin ETF filing by BlackRock sparked a rally in the cryptocurrency, with a 21% increase from its June low. As of Monday, bitcoin is trading around $30,626.

Lee also highlighted that bitcoin benefits from being viewed as a risk-on asset, and given the gains in the S&P 500 and Nasdaq, historical trends suggest that bitcoin will continue its upward trajectory.

In 2023, bitcoin has experienced gradual but volatile growth. It saw a significant surge in the spring, as decentralized assets such as bitcoin gained appeal amid the banking turmoil triggered by the collapse of Silicon Valley Bank in March.

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