Tom Lee thinks 2024 could be a big year for Bitcoin (BTC).
Lee, the managing partner at equity research firm Fundstrat Global Advisors, says in a new interview on The Julia La Roche Show that two major tailwinds will prime BTC for success next year.
“The first is monetary policy’s flipping. Central banks are really flipping dovish. You’ve never had a down cycle in crypto when the Fed’s easy. And the second is that there’s really a way to onramp more customers because a Bitcoin spot ETF (exchange-traded fund) is likely to get approved.
I love how people think that that’s not an upside story. It’s a $2 trillion asset class that you can’t really access through your 401(k) today. But if you make it available through a spot ETF, remember US households have like $170 trillion of investable capital.”
Lee says if people put just 1% of their 401(k)s into Bitcoin, it could overwhelm BTC’s supply, which could drive prices higher.
“I think Bitcoin could have a very strong year next year.”
James Seyffart, an exchange-traded fund research analyst at Bloomberg Intelligence, predicts that the first spot BTC ETFs will be approved next month.
Bitcoin is trading at $43,402 at time of writing.
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