A Wall Street’s bitcoin big fish says the cryptocurrency could “easily double” or even triple in 2018.
Back in August 2017, Tom Lee, head of research at Fundstrat Global Advisors, predicted bitcoin’s rally above $10,000 and declared that the digital currency would outperform equities through the end of the year. He was right, bitcoin rallied to a high near $20,000 in December, with its performance widely outpacing stocks.
Since that high, Bitcoin has fallen 25%, but despite the drop, Lee is still pounding the table on the cryptocurrency:
“Even on a risk-adjusted basis, I think bitcoin is going to easily outperform the S&P,” Lee said Tuesday to CNBC. “On a long-term basis, [the easiest way to look at bitcoin is] as a replacement or a store of value,” he said. “…As millennials discover and generate income, they’re going to use it as a replacement for gold.”
“If bitcoin gets 5% of the gold market, that’s roughly $50,000,” he added.Trade on BTC/USD now
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future
GENERAL RISK WARNING
The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.