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Tom Lee: Bitcoin Can Easily Break Six Figures, $150K Still Possible
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News EditorFundstrat's Tom Lee said on CNBC that very few people actually hold cryptocurrency, which makes it easy for Bitcoin to break into six figures — above $100,000 — though rate hikes could weigh on it. He noted long-term yields have already moved higher; if the Fed hikes while long-term yields fall, that would effectively be monetary easing, so the key is how long-term yields react to Fed tightening. Lee added that the current move is only the first wave, catching many investors off guard. Institutions are clearly buying crypto-related stocks, with trading volume surging, signaling bets on a big fourth-quarter rally. He still sees $150,000 as possible and not too far away.
Fundstrat co-founder Tom Lee told CNBC that Bitcoin could easily push past the six-figure mark — above $100,000 — because very few people actually own cryptocurrency. Rate hikes, however, could get in the way.
Long-term yields have already moved up, Lee noted. If the Federal Reserve raises rates while long-term yields decline, that would effectively amount to monetary easing. So the real question, he said, is how long-term yields respond to Fed tightening.
Lee described the current rally as only the first wave, given that many investors have been caught off guard by this cycle. He pointed to clear signs that institutions are buying crypto-related stocks: trading volumes have surged substantially, which suggests they are positioning for a strong fourth quarter. He still sees $150,000 as a realistic target, and not that far off.
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