Fundstrat's Tom Lee: Bitcoin could easily double in 2018

posted about 1 year ago
One of Wall Street's biggest bitcoin bulls says the cryptocurrency could "easily double" or even triple in 2018.

"Even on a risk-adjusted basis, I think bitcoin is going to easily outperform the S&P," Lee said Tuesday on CNBC's "Futures Now." "On a long-term basis, [the easiest way to look at bitcoin is] as a replacement or a store of value," he said. "So as millennials discover and generate income, they're going to use it as a replacement for gold."

"If [bitcoin] gets 5 percent of the gold market, that's roughly $50,000," he added. That's a more than 200 percent move from where bitcoin is currently trading.

On a near-term basis, Lee expects bitcoin to reclaim its December high. "We think that by mid-2018, we're going to be part of the way there, and that's why we get [bitcoin to $20,000]," he said. "If [bitcoin] can actually rise close to [that $20,000 level] in the first half of this year, I think in the second half of 2018, we'll see a move bigger than that," Lee said. "So I think bitcoin is still something you should own [all year]."
Tags: bitcoin, opinion