Fundstrat's co-founder Tom Lee doesn't rule out that the price of Bitcoin could skyrocket to as high as $500,000. However, he didn't provide an exact timeline for such a pie-in-the-sky target.
$500,000 is not far-fetched
As reported by U.Today, Lee predicted that BTC could outpace the Dow in the race to 40,000. During his most recent interview with Nasdaq, he explained that BTC could hit the aforementioned target by doubling the number of its users that currently stands at about half of a million.
When asked about "parabolic bulls" that make headlines with $250,000 and $500,000 predictions, Lee said that it could be possible in the long-term.
"I think in the long term it's possible because today Bitcoin's transaction activity is twice that of PayPal."
Expect the worst
According to Lee, Bitcoin works better than traditional financial systems since its cheaper and more secure. To put things into perspective, it takes somebody had to pay $3.90 in fees to transfer almost $1 bln worth of BTC.
Despite being a raging bull, Lee also believes that Bitcoin could be ultimately destroyed. He outlied such doom-laden scenarios such a potential 51 percent attack or governments banning cryptocurrency off-ramps.
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