The famous Bitcoin bull Tom Lee has not wavered away from his forecast about Bitcoin reaching $25,000 this year, even though he mentioned a price that would surpass $20,000 in a recent interview with CNBC.
The co-founder of Fundstrat Global Advisors and a well-known Wall Street analyst who forecasts Bitcoin prices clarified that he maintains his $25,000 forecast in the latest interview on the “Fast Money” show aired on CNBC.
On Thursday morning’s Squawk Box, Lee stated that Bitcoin has traded at 2.5 times its mining cost. Knowing that the mining cost is $7,000 and rising, he predicted that by year’s end the mining cost will reach $9,000.
However, Lee also said that the estimated mining cost indicates a price over $20,000 – or around $22,000 – which means that according to him, the price of $25,000 can be reached by year’s end or “something like that”.
According to Lee:
“A few thousand dollars is not something that investors should quibble over since any price beyond $20,000 will be around 200% above current levels.”
The former chief equity strategist at JP Morgan (2007-2014) said that Bitcoin and blockchain represent a “multidecade story” that is still in its early stages. After performing wireless research in the 1990s and witness mobile and Internet convergence over 20 years, Lee is confident that Bitcoin’s situation is “not that different” for an industry to change over time.
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