Fundstrat's Tom Lee reiterated his earlier prediction about Bitcoin (BTC) posting bigger gains in 2020 than in 2019 during his most recent appearance on Yahoo! Finance.
Lee claimed that the combination of "elevated" geopolitical tensions, the upcoming reward halving, and institutional money would form a perfect setup for Bitcoin's next rally in 2020.
Highlight: “Granny shots are thematic-based stock picks,” @Fundstrat Global Advisors Managing Partner & Head of Research Tom Lee says. “What granny shots is doing is taking stocks that appear in multiple lists... it’s higher reward risk opportunities." More: pic.twitter.com/BNEPmwKWoD— Yahoo Finance (@YahooFinance) January 17, 2020
Bitcoin could hit $14,000 in 2020
As reported by U.Today, Fundstrat concluded that there was a strong probability that the price of Bitcoin could surge by more than 100 percent in 2020, which means that BTC is expected to close this year at least at $14,000 by the famed Wall Street analyst.
Back in July 2019, Lee claimed that BTC could touch up to $40,000 by Q4 2019, which was an extremely inaccurate prediction. However, due to the aforementioned headwinds, the permabull might finally be spot-on this year.
These stocks could pop with Bitcoin
For those who do not want to directly buy Bitcoin but still want exposure to the volatile asset class, Lee recommends taking a look at companies like Square. The Jack Dorsey-helmed payments giant introduced Bitcoin deposits for its Cash App in June 2018.
Lee also mentioned Barry Silbert's Grayscale Bitcoin Trust (GBTC) that can be accessed by many US investors. Grayscale's coffers increased by $600 mln in 2019 with 71 percent of this sum being attributed to institutional investors.