The New Gold: Bitcoin to Hit $55,000 in Next 4 Years
BITCOIN’s aggressive price surge has been related to the continued climb as well in estimates for just how high the electronic money can go.
A quick question: Can the world’s most popular virtual currency hit $55,000?
Fundstrat’s Tom Lee, one of the most popular equity bears in Wall Street, believes this is very likely to happen, but not necessarily for the reasons a big number of digital currency bulls have been suggesting.
Hitting the $55K mark
Bitcoin has reached new benchmarks despite market chatter that may have affected its value, like the Securities and Exchange Commission’s dumping of a fund allowing small traders to pour in capital in bitcoin on the stock market.
Lee is now among the many Bitcoin drumbeaters with a projection for the digital cash to climb to $55,000 and one of the investors who are starting to make a call that favors Bitcoin over gold, the time-tested sage haven hedge against an unstable economy.
According to Lee, based on their current model, they see virtual money’s value per unit hitting $20,000 to $55,000 by 2022 — therefore, investors need to figure out precise plans to leverage this looming advance in electronic currency.
So, Who says only the government can earn big time? Bitcoin has rallied to unprecedented levels this year, while at the same time emerging as a far less questionable investment compared to previous years of growing market need.
Lee stressed that he is certain investors will turn to bitcoin as a strong alternative for the precious metal, and the fact that the volume of readily available digital money is reaching its limit makes the supply-and-demand situation even more convincing for those looking to make money in the bitcoin market.
Meanwhile, another driver could originate from central banks, which financial experts believe will consider acquiring bitcoin if the total market capitalization reaches $500 billion.