In a recent interview, Lee said that Bitcoin could surge to a range of $100,000 to $150,000 within the next 12 months, and within the next five years, the cryptocurrency could soar to $500,000. These price targets would surpass the historical high of $69,000 reached in November 2021, representing a 1011% increase from Bitcoin's current price of around $45,000.
Lee stated, "Bitcoin's supply is limited, and now with the approval of Bitcoin spot ETFs, our demand may increase significantly. Therefore, I believe that in the next five years, the price of Bitcoin could reach around $500,000."
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), stated that the agency approved the first batch of Bitcoin-tracking exchange-traded funds (ETFs) to be listed in the United States, marking a watershed moment for the world's largest cryptocurrency and the broader crypto industry.
The SEC announced on its website that it has approved applications from companies including BlackRock, Ark Investments, 21Shares, Fidelity, SSGA, and VanEck, among others. Some of these products are expected to begin trading as early as Thursday.
Spot Bitcoin ETFs are expected to make it easier for investors and financial advisors to access this cryptocurrency, without the need to go through the tedious process of setting up accounts with cryptocurrency custodians, buying cryptocurrency directly, and dealing with various types of asset storage.
Instead, spot Bitcoin ETFs will allow a large number of investors to gain exposure to cryptocurrency from their established brokerage accounts.
Lee is not the only Wall Street analyst with high expectations for the price of Bitcoin. Standard Chartered Bank has stated that assuming ETFs attract $500 billion to $1 trillion in the first year of trading, the cryptocurrency could soar to $200,000 by the end of 2025. Editor: Yu Jian SF069
