Fundstrat’s Tom Lee Says $100,000,000,000,000 Investor Class Could Send Bitcoin (BTC) to $200,000
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The managing partner of investment research firm Fundstrat Global Advisors, Tom Lee, is singling out a category of investors whose involvement could send Bitcoin (BTC) to a six-figure price.
Lee says in a CNBC interview that baby boomers are not investing in Bitcoin but their involvement may trigger a rally that would increase the flagship crypto asset’s price to over $200,000.
“If I had to say what’s the simplest way for a big step function to happen in crypto, it’s really getting existing generations of investors in the US, not new investors, to actually be willing to allocate to Bitcoin.
And 76% of all the wealth in America is controlled by people over age 65. So that’s nearly $100 trillion held by people that think Bitcoin is still kind of a hobby or things that people who live in the basement play with.
I think regulation could actually unlock a lot of that movement. Just imagine 2% out of $100 trillion allocated to crypto. You could see a five to 10, 15 times increase in total network value.”
Bitcoin is trading at $44,207 at time of writing. In December of 2021, Lee predicted that Bitcoin would hit a price of $200,000 in 2022.
The Fundstrat Global Advisors’ managing partner also says that some of the biggest risks to cryptocurrencies include the development of technology that could compromise classical cryptographic algorithms used to keep the Bitcoin network secure.
“I think the biggest downside for crypto will actually be a vulnerability exposed in Bitcoin because it is the most important blockchain and the one with the most value stored on it.
And there are really two things that could happen. One is if the cost of energy globally fell to zero because if you don’t have to spend money to protect a security network then it means someone can launch a 51% attack.
And of course, the second is that cryptographic hash becomes exposed. Meaning someone finds a way to actually, whether it’s quantum [computers], to essentially defeat the proof-of-work concept itself. So I’d say those are the biggest downside risk.”
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