Tom Lee has predicted the end of year price for Bitcoin
Tom Lee, managing partner at Fundstrat Global Advisors, has discussed the future of cryptocurrencies with Bloomberg.
During the interview with Bloomberg, the managing partner stated that the price of Bitcoin would hit 25,000 dollars by the end of 2018 and by 2022 it could even hit 125,000 dollars.
But are these reliable predictions?
The company Lee is a partner of, Fundstrat, released a report which suggests that Bitcoin would see a boom which should be completed by July this year. The report then goes onto say that after the ‘recovery boom’ the price of Bitcoin would continue to grow during the second half of 2018.
On that last note, Lee added that he believes that Bitcoin will be more widely used in the second half of this year which would most likely push its price higher due to a wider acceptance.
Lee also mentioned that both Bitcoin and Ether are the real blue chips among the cryptocurrencies and has advised investors to focus on those main digital currencies. He also stated that when these cryptocurrencies are invested in then the investor can be assured of huge profits over time.
When this was first predicted by the popular Bitcoin forecaster, he stated that price would not go beyond 9,000 dollars and would just make it to 25,000 by half way through 2018.
“We expect Bitcoin’s major low to be 9,000 dollars and we would be aggressive buyers around that level”
However, the price of Bitcoin fell below 9,000 dollars to approximately 6,000 dollars until the price boomed to almost 11,000 dollars in march this year before falling to it’s current 8,000 dollars.
As we all know the price of Bitcoin is unpredictable however, Lee does believe that his predication will come to light as more investors go with Bitcoin.