Could Bitcoin Reach $3 Million? Tom Lee Reveals Astonishing Price Forecast
Tom Lee from Fundstrat has forecasted that Bitcoin’s price might soar to as high as $3 million over the long term during his latest appearance on CNBC’s “Squawk Box.”
Lee mentioned that while 95% of Bitcoin has already been mined, only 5% currently holds the dominant cryptocurrency.
“There’s a significant demand versus supply mismatch,” Lee stated.
The well-known analyst is confident that many potential Bitcoin buyers are still on the horizon over the next decade.
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Lee believes Bitcoin should ultimately possess a network value comparable to gold. According to U.Today, this renowned “permabull” anticipates Bitcoin to outshine gold by 2025, despite trailing behind the precious metal in the year’s first quarter.
$250,000 this year?
Importantly, Lee does not dismiss the possibility of Bitcoin hitting $250,000 by year-end.
Previously, Lee emphasized that this target is realistic for the leading cryptocurrency, thanks to a more favorable regulatory environment in the U.S.
Currently, Bitcoin is trading at $104,341, as per CoinGecko data. The digital currency has experienced a decline of about 5% over the last week after reaching a new all-time high of $112,000 in May.
Last year, Lee accurately predicted that Bitcoin would first exceed the $100,000 mark in 2024. The cryptocurrency subsequently surged past this milestone in December, driven by increased demand from institutional investors.
Nevertheless, it’s wise to approach the permabull’s forecasts with caution, as he has also been known to make some inaccurate Bitcoin price predictions in the past.
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