Tom Lee, co-founder of analyst firm Fundstrat, has said in an interview with CNBC that the price of Bitcoin will reach $150,000 by the end of 2024 and $500,000 in the next five years.
He has said:
"I think in the next 12 months Bitcoin will reach over $100,000...maybe $150,000."
He has also highlighted the importance of the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC).
Lee has added:
"There's a finite supply, and now we have a potentially huge increase in demand with a spot Bitcoin [ETF] approval – so I think in five years something around half a million would be potentially achievable."