Hedge fund veteran Tom Lee says that the $200,000 mark for Bitcoin in 2022 is perfectly reasonable.
Speaking in an interview with financial education firm MarketRebellion, the Fundstrat CEO says that Bitcoin has already survived the worst things that the world can throw at it and came out on top. In his view, 2022 will likely be a lot more bullish for BTC.
“I think Bitcoin… I’m disappointed it didn’t exit 2021 higher. I mean, I think it’s still got a chance to get to rally because the S&P is rallying and so Bitcoin should move contemporaneously with that.
2022 should be a good year because the things that disrupted Bitcoin in 2021 — such as China essentially banning mining, trying to essentially ban Bitcoin — that would have been considered a crypto winter-like event and it didn’t kill Bitcoin.
So unless the US government bans Bitcoin next year, Bitcoin has already had some of the negative catalysts play out. So I think Bitcoin could do really well. Now, in terms of percentage upside, again I’m kind of disappointed. It didn’t reach $100,000 this year, but I think next year, you know, easily getting to the $100,000, but let’s say that it should have been $100,000 this year.
So maybe Bitcoin is, you know, in that $200,000 range. I mean, I think that’s achievable and I know it sounds fantastical, but it’s very useful. And if you don’t think crypto is that useful, it’s hard for anyone who’s based in America to appreciate how quickly trust in government can change.“
Lee, a long-time Bitcoin bull, previously predicted $100,000 BTC by the end of 2021. He said that the Bitcoin futures exchange-traded fund (ETF) could ultimately end up being a bullish catalyst for BTC in the long run, even if the initial opening of the product has been underwhelming so far. He said he expects flows into the ETF to ultimately exceed the inflows of QQQ, Invesco’s other fund that tracks the benchmark Nasdaq equity index, which has over $188 billion in assets, according to Bloomberg.