Can Bitcoin Reach $150K 2024?

In a recent interview, renowned Wall Street strategist Tom Lee predicted that Bitcoin could reach $150,000 by the end of 2024.

Can Bitcoin Reach $150K 2024?

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• Tom Lee predicts Bitcoin will reach $150,000 by the end of 2024, citing support from major institutions like BlackRock.
• Lee advises investors to allocate 2% to 5% of their portfolios to Bitcoin, highlighting significant potential returns.
• Bitcoin’s value could surpass above-ground gold ($166 trillion), offering affordable banking solutions globally.

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Tom Lee’s Optimism on Bitcoin

In a conversation with financial analyst Natalie Brunell, Tom Lee, co-founder of Fundstrat Global Advisors, shared his optimistic outlook on Bitcoin. Lee explained that while various factors influence short-term price fluctuations, he remains confident in Bitcoin’s long-term potential. Using a combination of price-to-book and stock-to-flow methods, his company’s head of digital strategy, Shan Frell, has set a price target of $150,000 for Bitcoin by the end of 2024.

Institutional Support and Investment Strategy

Lee highlighted the increasing legitimacy of Bitcoin, noting support from major organizations like BlackRock. He advised investors to allocate a small portion of their portfolios—about 2% to 5%—to Bitcoin. According to Lee, even a modest investment in Bitcoin can yield significant returns, as evidenced by his firm’s recommendation to commit 1% to 2% to cryptocurrency, which has been highly beneficial for their clients.

Bitcoin as a Global Financial Solution

It was noted that Bitcoin could offer people cheap financial tools, especially those living in developing countries or other countries in general. He supposes that the price of Bitcoin can rise even higher than above-ground gold, which is estimated to be worth $166 trillion. This is so since Lee has described Bitcoin as a reserve currency with the ability to withstand other monetary forms of value as well as provide protection against currencies and economic volatility.

Economic Indicators and Market Sentiment

For his part, Lee highlighted that Bitcoin will create cheaper and quicker methods of financial services, excluding the unbanked populace or citizens in other parts of the world. He likes to think that BTC can one day rise in equivalents to above-ground gold, which is now estimated at $166 trillion. Lee equally described Bitcoin as a good and valuable store of value, and it is resistant to the sorts of turmoil that often befall currencies and the global economy.

Bitcoin’s Price Potential

The analysts’ expectation suggests a positive future price for Bitcoin after having crossed 67000 USD. Other fundamental factors that could impact the future direction of Bitcoin include key economic variables like the core personal consumption expenditures (PCE) price index of the US. Should inflation rates gradually rise toward the Fed’s target of 2 percent, this could encourage demand in cryptocurrencies and other risky investments.

As of the end of the year I agree with Tom Lee in that I think Bitcoin can and will reach his price target of $150,000. That is where you might benefit from our website, where you can learn more about the possibility of Bitcoin changing the future of finance and investing being more legitimate and the tendency to be adopted by millions of people. Use the comments section below to share your thoughts with us. To find more comprehensive information about cryptocurrencies, subscribe to our newsletter and be the first to know the changes in the FinTech industry.