Wall Street strategist at Fundstrat Global Advisors Tom Lee says Bitcoin (EXANTE: Bitcoin) could "easily double" or even triple in 2018, CNBC reported.
"Even on a risk-adjusted basis, I think Bitcoin is going to easily outperform the S&P," Lee said Tuesday on CNBC's "Futures Now."
"On a long-term basis,the easiest way to look at bitcoin is as a replacement or a store of value," he said.
He believes that as as millennials discover and generate income, they're going to use it as a replacement for gold.
Lee expects Bitcoin to reclaim its December high in the first half of the year.
"We think that by mid-2018, we're going to be part of the way there, and that's why we get Bitcoin to $20,000," he said.
In August 2017 Lee predicted Bitcoin's rally above $10,000 and declared that the digital currency would outperform equities through the end of the year.