The co-founder of Fundstrat Tom Lee believes that Bitcoin (BTC), the largest cryptocurrency in the world, could hit $150,000. This could happen if a spot Bitcoin ETF gets approval to operate in the United States. At the time of writing this article, Bitcoin is being traded below $28,200.
Bitcoin Could Hit $150k if a Spot ETF Gets Approved
A Bitcoin spot ETF could receive approval in the United States from the Securities and Exchange Commission (SEC). This could push the price of Bitcoin to $150,000 and even reach $180,000 per coin, according to Tom Lee.
During an interview with CNBC, he discussed the latest market trends and how Bitcoin could start a new bull trend if an ETF (spot) gets approved in the United States.
“If the spot Bitcoin ETF gets approved, I think the demand will be greater than the daily supply of Bitcoin. So the clearing price […] is over $150,000. It could even be like $180,000.”
It is worth taking into consideration that the new issuance of Bitcoin will be halved in 2024. As happened with Litecoin a few days ago, Bitcoin will reduce its new issuance by 50%. Therefore, there will only be 450 new Bitcoin created daily rather than the current 900 BTC.