- Fundstrat’s managing partner and head of research, Tom Lee, spoke to CNBC during an interview. Apparently, he shared his thoughts on the current spot Bitcoin ETF saga.
- However, he said Bitcoin price might get to $150k once a spot Bitcoin ETF receives approval.
Tom Lee, a prominent crypto and financial analyst, has something to say about spot Bitcoin ETF during an interview. Many companies, such as Blackrock and Ark Invest, submitted applications for a spot Bitcoin ETF and await approval. Lee said the approval of a spot Bitcoin ETF will definitely take the Bitcoin price to new levels.
Bitcoin Price To Move Above $150k — Fundstrat Analyst
- A crypto analyst at Fundstrat during an Aug. 16 interview on CNBC’s Squawk Box said Bitcoin price will aim for a whopping $150k once the Bitcoin spot ETF gets approval. Apparently, the person in question who was behind this interview was Fundstrat’s managing partner and head of research, Tom Lee.
- Tom Lee is one of the top figures in the crypto and financial industry, who is rarely wrong about his predictions. Furthermore, what he said this time wasn’t a prediction. It was more of what will happen assuming certain things fall into place. In other words, Bitcoin price might see a price ceiling of over $150k if the SEC should approve the spot Bitcoin ETF.
- First, Tom Lee appreciated the large number of Bitcoin spot ETF applications. Apparently, this will create more chances of one getting approved by the SEC. Moreover, the approval would shift Bitcoin’s supply-demand dynamics toward considerable price appreciation. The demand for Bitcoin will come so strong due to inadequate supply. This, in turn, will make the Bitcoin price skyrocket to new levels.
Bitcoin Price Might Touch the $180k Levels
- Tom Lee didn’t hold back with these price predictions. He was direct and concise with his argument. He said the approval of spot Bitcoin ETF would make the demand stronger than the daily supply. Then scarcity will kick in, leading to the biggest FOMO in the crypto market.
- However, Tom Lee was quick to clarify that this only applies to the approval of the United States spot Bitcoin ETF. There is already a spot Bitcoin ETF in other parts of the world. There’s a reason behind this statement.
- According to Bloomberg senior ETF analyst Eric Balchunas, The United States currently makes up 97.7% of the global trading volume for crypto-related ETFs. Furthermore, if a spot Bitcoin ETF gets approval in the US, the figures might increase to a whopping 99.5%.
What Happens When the Spot Bitcoin ETF Is Rejected?
- The scenario is always what happens when the SEC approves a spot Bitcoin ETF. What if they don’t approve the spot Bitcoin ETF? What will be the next part? Well, Tom Lee has something to say about this too.
- Apparently, Tom Lee believes in the absence of a spot Bitcoin ETF approval; the crypto can still touch new levels. Lee believes the upcoming Bitcoin halving in 2024 will help push the price forward. However, it won’t be as much as a spot Bitcoin ETF approval.
- Wrapping up, the crypto industry is patiently waiting for the approval of a spot Bitcoin ETF. However, the current Bitcoin price isn’t looking good at less than $30k. But a spot Bitcoin ETF approval, according to Tom Lee, might take Bitcoin price to $150k.
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