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The Bitcoin price will easily double in 2018, according to Wall Street Strategist

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Tom Lee, co-founder of market strategy firm Fundstrat Global Advisors and a well-known bitcoin bull, sees the bitcoin price "Doubler easily" this year. Speaking of CNBC's "Futures Now", the Wall Street strategist even considered the possibility of seeing bitcoin triple in 2018.

As reported by CCN, Lee initially set its target price of bitcoin at $ 11,500 for mid-2018, then raised it to $ 20,000 because the intrinsic value of cryptocurrency had increased to $ 20,000. months due to the growth of new Bitcoin portfolios. to him.

Justifying his increasingly bullish position on cryptocurrency, Tom Lee said that he thought it was still too early for investors to "appreciate the development and use cases around Bitcoin ". For him, the current volatility of Bitcoin is only a "price". discovery process. "

Addressing those who say that Bitcoin has no intangible value, Lee said that they could lose perspective. As a reference, he used the fact that some people said that Amazon was worthless in the '90s because it did not earn money. Taking this into account, the Wall Street strategist said:

"In the long run, [the easiest way to look at bitcoin is] as a replacement or as a store of value.While millennia are discovering and generating revenue, they will use it to replace gold. [bitcoin] gets 5% of the gold market, it's about $ 50,000. "

Following his line of thinking, Lee sees Bitcoin get $ 20,000 as he continues to win on the territory of the gold. Over the past year, bitcoin has jumped over 1,400%, while gold has remained at the $ 1,300 level. In addition, as reported by CCN, Google's search queries for "buy bitcoin" exceeded those for "buy gold".

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Lee once said that bitcoin is a good bet for millennia, having compared the acceptance of this generation for cryptocurrency as an investment to that of adopting the gold among previous generations.

When asked if he would prefer to settle for shares, Lee said that "even on a risk-adjusted basis, bitcoin will easily outperform the S & P." In the short term, Lee sees bitcoin close to $ 20,000. If the cryptocurrency can reach this level during the first half of the year, he said, he sees an even greater evolution in the second half of the year 2018.

Lee, who was chief strategist for JP Morgan's shares from 2007 to 2014 before helping Fundstrat launch, had a "conservative" bitcoin price target of $ 25,000 for 2022. this has now been increased, if bitcoin behaves as it expects it this year.

Image from Shutterstock.

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