Friday, August 18, 2017 12:05:00 PM
Tom Lee, founder of Fundstrat Global Advisors, established a mid-2018 target of $6,000 on the cryptocurrency.
Lee was the first major Wall Street strategist to come out with research on the cryptocurrency.
Bitcoin has already risen nearly 330 percent this year.
Fred Imbert | @foimbert
Published 48 Mins Ago
CNBC.com
Tom Lee
Adam Jeffery | CNBC
Tom Lee
Bitcoin has had a stellar year and one of Wall Street's top strategists thinks it can rise 40 percent more by next year.
Tom Lee, founder of Fundstrat Global Advisors, established a mid-2018 target of $6,000 on the cryptocurrency. Bitcoin traded at $4,284.14 on Friday, according to Coindesk. For the year, bitcoin has surged nearly 330 percent.
In a note to clients, Lee cites the approval of bitcoinoptions trading and the adoption of futures trading in the cryptocurrency as potential tailwinds.
This "implies significant rise [in] institutional holdings of Bitcoin in next 6-8 months given recent approvals," he said. "No doubt, this will lead to an increase in overall transaction volumes for bitcoin."
Lee was the first major Wall Street strategist to come out with research on the cryptocurrency. Last month, he said bitcoin could be worth up to $55,000 by 2022, adding that cryptocurrencies are "cannibalizing demand for gold."
Other well-known figures in the finance community have also started to comment on bitcoin. Investing legend Bill Miller reportedly owns bitcoin, and Josh Brown, CEO of Ritholtz Wealth Management, said last month he used Coinbase to buy bitcoin as a learning exercise.
"We see bitcoin as gaining from institutional sponsorship, improving transaction platforms and ultimately, greater public adoption," Lee added.
Fred Imbert
Markets Reporter
RELATED SECURITIES
Symbol
Price
Change
%Change
Bitcoin/USD 4225.04 -41.51 -0.97%
https://www.cnbc.com/2017/08/18/tom-lee-sees-bitcoin-jumping-to-6000-next-year.html
Recent GBTC News
- Bitcoin ETFs Attract $158 Million Inflows; MicroStrategy Expands Holdings by 7,420 BTC Purchase; PancakeSwap Unveils v4 • IH Market News • 09/20/2024 08:10:09 PM
- Circle Expands USDC in Brazil and Mexico, TON and Curve Join Forces, Trump Unveils WL Token • IH Market News • 09/17/2024 06:53:04 PM
- Grayscale Investments® Launches Grayscale® XRP Trust • GlobeNewswire Inc. • 09/12/2024 01:00:00 PM
- Nansen Acquires StakeWithUs; Polygon Labs Launches Crypto Chip; Bitcoin ETFs See Positive Inflows • IH Market News • 09/10/2024 03:11:09 PM
- Crypto Volatility Spikes After Payroll; Massive Bitcoin ETF Outflows; Ethereum Foundation To Release Financial Report • IH Market News • 09/06/2024 06:28:02 PM
- Travala Now Available on Skyscanner, Siemens Issues New Digital Bond on Blockchain, Bitcoin Volatility on Thursday • IH Market News • 09/05/2024 06:09:29 PM
- Trump Unveils DeFi Project with Aave, Polygon Debuts POL Token, Sui Blockchain Introduces Offline Transactions • IH Market News • 09/04/2024 05:00:55 PM
- Bitcoin Holds $60K Support, Ether ETFs See Inflows, IREN Reports Record Mining Revenue • IH Market News • 08/29/2024 06:25:31 PM
- Crypto.com and PayPal Partner Up, OpenSea Receives Wells Notice, Bitcoin ETFs Record Largest Monthly Outflow • IH Market News • 08/28/2024 07:43:23 PM
- Stacks Prepares Nakamoto Upgrade, Record Bitcoin ETF Inflows, Semler Scientific Expands Bitcoin Reserves • IH Market News • 08/26/2024 10:35:56 PM
- Bitcoin Surges Following Powell Speech; Sony Launches Soneium Blockchain; JPMorgan Cuts Miners’ Price Targets • IH Market News • 08/23/2024 07:49:31 PM
- AVAX Price Rises with Grayscale Backing, OCEAN Postpones Node Launch, NEAR Debuts Nightshade 2.0 Upgrade • IH Market News • 08/22/2024 07:04:01 PM
- Grayscale Investments® Launches Grayscale® Avalanche Trust • GlobeNewswire Inc. • 08/22/2024 01:00:00 PM
- NYSE and Nasdaq Pull ETF Options Requests, 75% of Bitcoins Remain Inactive, MakerDAO Halts WBTC Loans • IH Market News • 08/16/2024 07:25:47 PM
- Bitcoin Fall Hits Other Tokens, MicroStrategy Launches Leveraged ETF, Mintzberg Takes Over Grayscale Leadership • IH Market News • 08/15/2024 07:35:02 PM
- AI Energy Use Overtakes Bitcoin, BTC Price Falls, Goldman Sachs Puts $418M in Bitcoin ETFs, and Latest in Crypto • IH Market News • 08/14/2024 07:26:36 PM
- Grayscale Investments® Launches Grayscale® MakerDAO Trust • GlobeNewswire Inc. • 08/13/2024 01:00:00 PM
- LDO, GLM, SUI, APT, AZERO on the Radar; Marathon Digital Seeks $250M for Bitcoin Expansion, and More • IH Market News • 08/12/2024 07:47:40 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 08/12/2024 07:44:07 PM
- Bitcoin ETFs See Record Inflows, Tether Expands Team, Trump Plans DeFi Platform • IH Market News • 08/09/2024 07:15:53 PM
- US Unemployment Data Fuels Crypto Surge, Court Ruling Sparks Significant XRP Rally, Toncoin Gains 15% on Binance Listing • IH Market News • 08/08/2024 06:57:26 PM
- Grayscale Unveils Bittensor and Sui Funds, Polkadot Struggles at $5, Nexera Plummets 45% on Hack • IH Market News • 08/07/2024 07:22:13 PM
- Grayscale Investments® Launches Two New Product Offerings: Grayscale® Bittensor Trust and Grayscale® Sui Trust • GlobeNewswire Inc. • 08/07/2024 01:00:00 PM
- BTC Surpasses $56K, Core Scientific’s Extended Deal with CoreWeave, Ronin Network Halts After MEV Exploit, and More • IH Market News • 08/06/2024 06:46:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/02/2024 12:33:50 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM