Tom Lee, a key figure at Fundstrat Global Advisors, is betting on a big 2024 for Bitcoin. In a recent chat on The Julia La Roche Show, Lee pointed out two significant factors that could pump up Bitcoin’s prospects next year.
He first highlighted a shift in monetary policy. Central banks, according to Lee, are leaning towards a more dovish stance. He believes this is crucial because historically, crypto markets have never faltered when the Federal Reserve adopts an accommodating policy. The second boost, Lee suggests, could come from the likely approval of a Bitcoin spot exchange-traded fund (ETF). This development could open doors for more investors to jump into the Bitcoin bandwagon.
Lee emphasized the untapped potential of Bitcoin, considering it a $2 trillion asset class that’s currently not accessible through standard retirement plans like 401(k)s. But, with the introduction of a spot ETF, this could change. US households alone have a staggering $170 trillion in investable capital. Lee speculates that even if a small fraction of this, say 1%, finds its way into Bitcoin through 401(k)s, it could create a massive demand surge, potentially pushing Bitcoin prices upward.
Backing up Lee’s optimism, James Seyffart, an ETF research analyst at Bloomberg Intelligence, anticipates the approval of the first spot BTC ETFs in the near future.
At the moment, Bitcoin’s value stands at $43,402. But with these developments on the horizon, Lee is confident that Bitcoin is poised for a very strong year in 2024.
