Tom Lee: Bitcoin could soar to $185,000 after spot ETF is approved
In an interview on CNBC, Tom Lee stated that a Bitcoin spot ETF would simply gobble up all the available BTC reserves in the world and create “an imbalance that will inevitably lead to an increase in the price of the first cryptocurrency. Demand will greatly exceed supply. According to Tom Lee, the price of bitcoin can rise to $185,000 and even higher, thanks to this deficit.
Of course, Tom Lee’s words are also related to the recent decision of the American federal court, which declared the refusal of the US Securities and Exchange Commission (SEC) on Grayscale’s application to launch a Bitcoin spot ETF to be illegal.
Now the launch of cryptocurrency spot ETFs seems imminent. For example, Bloomberg senior ETF strategist Eric Balchunas is 95% sure that such a fund will be launched before the end of 2024 and 75% that this will happen as early as this year.