- Tom Lee predicts Bitcoin’s potential price surge to over $150K contingent on SEC approval of spot Bitcoin ETF trading.
- Europe launches its first spot Bitcoin ETF while the US hesitates, possibly influencing the SEC’s decision.
- Tom Lee highlights a potential price increase even without SEC approval, emphasizing a drop in supply as a driving factor.
Tom Lee, the Head of Research and a prominent contributor at CNBC, suggests Bitcoin could surpass $150K if the US Securities and Exchange Commission (SEC) approves a spot Bitcoin ETF.
Lee explained that the approval of a spot Bitcoin ETF could create a demand-supply imbalance, with demand outstripping the daily supply of Bitcoin. This surge in demand could push the price of the cryptocurrency to unprecedented levels, potentially reaching as high as $150,000.
Interestingly, the US remains hesitant as Europe successfully launches its inaugural spot Bitcoin ETF on the Euronext Amsterdam stock exchange. The European launch might add pressure on the SEC to make a decision as the adoption of such ETFs gains momentum worldwide.
Reputable investment firms like Wisdom Tree and Invesco have shown continued interest in pushing for spot Bitcoin ETF authorization despite past rejections.
Even without SEC approval, Lee believes that Bitcoin’s price ascent might not be limited. He indicated that a drop in supply could still trigger a price spike, although not necessarily to the same six-figure range as projected with a successful ETF approval. Former SEC Chairman Jay Clayton’s remarks echo this sentiment, implying that declining a Bitcoin spot ETF could prove challenging for the regulatory body.
As the crypto community watches the SEC’s decision-making closely, it becomes evident that the fate of Bitcoin’s value hangs intricately on the regulatory landscape, with potential for both extraordinary surges and cautious climbs.
