Tom Lee, Fundstrat Global Advisors co-founder, has defended his highly ambitious $150,000 Bitcoin price target during a recent interview with CNBC.
Lee says that there are tailwinds that are associated with the recent Bitcoin halving.
He has also noted that Bitcoin exchange-traded funds have experienced tremendous inflows. As reported by U.Today, these products are currently experiencing significant momentum, reaching a 15-day streak of uninterrupted inflows. BlackRock's IBIT alone has surpassed $20 billion in total assets under management.
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Lee has added that institutional infrastructure around Bitcoin is only in its nascent stage.
Widening ownership will be propelling the largest cryptocurrency to $150,000, according to Lee. "Bitcoin still follows math," Lee added. More than 87% of Bitcoin moves still follow the number of wallets and wallet activity, and both are moving higher, according to the analyst.
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As reported by U.Today, the permabull also doubled down on his $150,000 in May, citing declining inflation in the second half of the year as one of the key bullish catalysts.
As of June 2, the largest cryptocurrency is trading at $70,156, according to CoinGecko data.
During his most recent on "Squawk Box," Lee said that inflation was coming in "softer than expected." The jobs market is cooling, but it is not weakening dramatically, which is a "good situation" for US equities, according to Lee.
Following the August sell-off, Fundstrat expected the markets to rebound in May, but it now seems like June might be a stronger month.