Tom Lee Predicts Bitcoin Surge to $500,000 Within Five Years

The price of the leading cryptocurrency is expected to reach $150,000 by the end of 2024 and $500,000 within the next five years, according to Tom Lee, co-founder of the analytical firm Fundstrat, in an interview with CNBC.

“I think in the next 12 months [bitcoin will trade] above $100,000. Maybe above $150,000,” the expert stated.

Lee also highlighted the importance of the approval of spot bitcoin ETFs by the US Securities and Exchange Commission (SEC). Following this, the price of the leading cryptocurrency surpassed $48,000 but later fell below $43,000.

“In the next five years, there will be limited supply, but with the approval of spot bitcoin ETFs, we have potentially huge demand, so I think something around $500,000 is quite achievable within five years,” he added.

In August 2023, Lee predicted a surge in the leading cryptocurrency to $150,000 following the SEC’s approval of the instrument. He cited the upcoming halving in spring 2024 as an additional growth factor for the asset.

After the launch of the bitcoin ETF, Robert Kiyosaki, author of the bestseller “Rich Dad, Poor Dad” and entrepreneur, suggested that the price of digital gold could rise to $150,000.

Previously, ARK Invest CEO Cathie Wood predicted the leading cryptocurrency could reach $1.5 million by 2030. Analysts at the firm believe that even in a bearish scenario, bitcoin’s price will rise to $258,500. Their conservative estimate is $682,800.