Fundstrat’s Tom Lee Expects Bitcoin to Soar 300 Percent in 2021 as It Hits $29,000

#In an interview with CNBC, #Fundstrat’s #Tom #Lee predicted that #Bitcoin could triple in value in 2021:

I think, in rounder numbers, 2021 is gonna be a lot of like 2017, which means #Bitcoin should do even better in 2021 than it did in 2020. #So, something above 300 percent.

#Lee added the interplay between the weaker dollar and stronger #Bitcoin was part of his thesis, adding that younger generations now view the flagship cryptocurrency as an alternative to gold.

#Prior to #Lee, CNBC contributor and hedge fund manager #Brian #Kelly also mentioned the issue of dollar debasement:

#This is the exact environment that #Bitcoin was designed and created for. #Every central bank in the world is printing money. #No central bank wants a strong currency.

#Bitcoin is gunning for $30,000

The cryptocurrency hit a new all-time high of $29,300 at 0:55 UTC on the #Bitstamp exchange. #In the meantime, CME’s futures are already trading at $29,700.

The cryptocurrency had such a massive rally in 2020 that JP #Morgan will probably have to re-size its chart since #Bitcoin has completely dwarfed every other asset.

#Beware of a stock market correction

#When asked about #Bitcoin’s sharp corrections in the past three years, #Lee noted that it was still a very tiny asset:

#We have to keep in mind that #Bitcoin’s holder basis is still tiny. I don’t think there are nearly a million people that own #Bitcoin.

#Lee continues to stick to his view that #Bitcoin tends to act as a risk-on asset that is positively correlated to the U.S. stock market:

#So, I think if we have a correction in stocks, then #Bitcoin’s gonna fall.