Tom Lee: “In 5 years, Bitcoin will be trading at $500,000”
Tom Lee is confident that Bitcoin is quite capable of growing to these levels, since its supply is limited to 21 million coins. Growth will also be supported by increased demand for Bitcoin thanks to the long-awaited approval of spot Bitcoin ETFs in the United States.
Previously, Sean Farrell, head of digital asset development at Fundstrat, also predicted significant growth for Bitcoin if cryptocurrency ETFs were approved in the United States. According to him, the daily demand for Bitcoin will reach $125 million, while the daily supply will be only $25 million. The equilibrium price will have to increase in order for the daily supply to match the daily demand. Therefore, the settlement price should be between $140,000 and $180,000 before the Bitcoin halving occurs in April 2024, Farrell emphasized.
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