In an interview with CNBC, Tom Lee stated that Bitcoin could reach a new all-time high this year, and that Ethereum would surpass Bitcoin.
Lee, Chairman of BitMine and co-founder of Fundstrat, claimed that the market performance in the first days of the year gave a positive signal for the rest of the year.
Lee stated, “From a general market perspective, the gains in the first days of January are very good news. This is a very positive sign for the entire year and offers upside potential toward our 7,700 point target for the S&P 500.”
Lee stated that the recent volatility in financial markets and crypto assets is partly fueled by policy-related developments, adding that Washington’s steps to limit credit card interest rates could create a significant shock in the financial sector if implemented. According to Lee, such regulation could weaken the ability of financial institutions to provide credit to a wider consumer base.
On the other hand, Lee pointed out that the progress made on the Clarity Act is a positive development for the cryptocurrency sector. Recalling that the crypto market suffered a serious blow last October, Lee stated that they expect a strong recovery in the market as time passes and this impact is overcome.
In this context, Tom Lee stated that they are optimistic about Bitcoin, saying, “We believe Bitcoin has the potential to reach new highs this year. However, we are even more positive about Ethereum and predict that Ethereum will outperform Bitcoin.”
*This is not investment advice.
