Lee predicts that Bitcoin could reach a range of $100,000 to $150,000 within the next 12 months, and in the next five years, this 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 approximately $45,000.
He explained, "Bitcoin's supply is limited, and with the approval of Bitcoin spot ETFs, our demand may increase significantly, so I believe that within five years, the price of Bitcoin could reach around $500,000."
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, announced that the commission has approved the first exchange-traded funds (ETFs) in the United States that track Bitcoin, marking a milestone for the world's largest cryptocurrency and the broader crypto industry.
The SEC's announcement stated that the commission approved applications from companies including BlackRock, Ark Investments, 21Shares, Fidelity, ProShares, and VanEck, with some products expected to begin trading as early as Thursday.
The spot Bitcoin ETFs are expected to make it easier for investors and financial advisors to access this cryptocurrency, without having to go through the cumbersome process of opening accounts with cryptocurrency custodians, directly purchasing crypto assets, and dealing with various types of asset storage.
Instead, spot Bitcoin ETFs will allow a large number of investors to access cryptocurrency exposure from their existing brokerage accounts.
Lee is not the only Wall Street analyst with high expectations for Bitcoin's price. Standard Chartered Bank stated that assuming ETFs attract $500 billion to $1 trillion in the first year of trading, Bitcoin could potentially reach $200,000 by the end of 2025. Editor: Yu Jian SF069
