By
Chimamanda U. Martha
April 25th, 2024
Tom Lee, FundStrat Global Advisor co-founder, told about the possible future of BitCoin in his interviews to Business Insider and CNBC.
Top strategist Tom Lee stated that all great businesses will be digital in the near future. In this regard, BitCoin will be of particular value, because it is a personal encrypted database. The gold market, which is 9 trillion, was important for the previous generation, now young people believe that the future is connected with BitCoin.
Lee said: “If it captures 5% of the gold market, it’s worth at least $25,000 per unit. It’s actually the most conservative collection of elements to get to the 5%. You could easily get to $100,000, $200,000 numbers.”
Concerning short-term BitCoin price targets, the Lee’s point of view is linked to the fact that BitCoin exists and develops like social networks.
“The more engagement there is, the greater the value rises. And in the short-term, we think bitcoin will reach at least $6,000 by mid-2018″, said strategist.
Also in his interview to Business Insider, Tom Lee said about Metcalfe’s Law. When designing a very simple model valuing bitcoin as the square function number of users times the average transaction value. 94% of the BitCoin moved over the past four years is explained by that equation. Three use cases, where Metcalfe’s Law really explain the growth of the market value, are Facebook, Alibaba and Google.
During his speech for CNBC, Lee said: “I unequivocally believe bitcoin is your best investment to the end of the the year.” Lee also said bitcoin can’t be in a “bubble,” another assertion of bitcoin doubters, because so few people actually own it. “I think it’s still very early stages.”
“We have some data. There’s only about 300,000 holders of at least $5,000 of bitcoin,” he said. “That’s like saying the iPhone was a bubble in 2007 four days into the sale because there were 500,000 iPhones sold.”
By the way, there are a lot of different versions about the future price of bitcoin. But it is obvious that it will grow in an exorbitant rate.
Mike Novograts, current head of Galaxy Investment Partners, has predicted that Bitcoin will jump to 10,000 in next six to ten months. “This is going to be the largest bubble of our lifetimes. Prices are going to get way ahead of where they should be,” he announced. But, in contrast with a majority of frightened investors, who see just volatility, he sees opportunity: “You can make a whole lot of money on the way up, and we plan on it. In a lot of ways, this is a market like any other market.”
McAfee, mostly known for the development of first commercial antivirus software, stated that Bitcoin has all chances to reach $500,000 in the next three years. He tweeted:
Bitcoub’s low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?
— John McAfee (@officialmcafee) 17 июля 2017 г.
Entrepreneur Trace Mayer predicted Bitcoin Price Will Reach $27,395 in February 2018. At the time, Mayer first recommended bitcoin, the price per coin was just $0.25. He stated on his Twitter:
#Bitcoin is growing nicely. Currently, would be 15th largest component of #NASDAQ, 58th largest by market cap on #NYSE & top-40 currency. ?pic.twitter.com/Sn0TOHGopt
— Trace Mayer (@TraceMayer) 13 октября 2017 г.
In the period between 2010 and 2017 bitcoin price raised from $0.06 to around $5,814. This represents a 9,689,900 percent increase. Now the price for BitCoin is $5725.71 .