Fundstrat predicts bitcoin to rise to $150k if bitcoin-ETF is launched

Fundstrat Managing Partner Tom Lee predicted bitcoin to rise to $150k if the bitcoin-ETF is launched

Approval of spot bitcoin-ETFs in the U.S. will change the dynamics of supply and demand of cryptocurrency, as a result of which the bitcoin rate will grow significantly, said Fundstrat Managing Partner Tom Lee.

The bitcoin (BTC) rate could rise to $150 thousand or even reach $180 thousand in the case of approval of a spot bitcoin-ETF in the U.S., said Tom Lee, managing partner and head of research at investment company Fundstrat, in an interview for CNBC.

If the financial instrument is approved, the major cryptocurrency could reach projected levels by the end of 2024, Tom Lee said.

The approval of spot bitcoin-ETFs in the United States will change the supply and demand dynamics of the cryptocurrency, as a result of which the bitcoin rate will increase significantly, explained the Fundstrat representative.

Tom Lee also believes that even if the instrument is not implemented, bitcoin will still continue to grow thanks to halving - by reducing supply.

What is Bitcoin halving and how it will affect the price of the first cryptocurrency

In August, UK-based Jacobi Asset Management launched Europe's first spot bitcoin ETF almost two years after it was approved.

In August, the SEC postponed a decision on Katie Wood's ARK 21Shares fund's ARK 21Shares bitcoin-ETF application. The SEC is now reviewing more than 12 applications for spot bitcoin ETFs.

On Aug. 8, Katie Wood said she expects the SEC to approve several bitcoin ETFs at once. In June, ARK Invest reported that the company was first in line for potential bitcoin-ETF approval, as it was the earliest to file with the SEC.

In July, the SEC began reviewing bitcoin-ETF applications filed by major UCs. Formally, the review process will begin when the documents are published in the federal register.