Bitcoin Price Reaching $500,000 Is 'Possible,' Says Fundstrat's Tom Lee

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Tue, 02/18/2020 - 19:36
Alex Dovbnya
Fundstrat's Tom Lee believes that the most bullish Bitcoin (BTC) price predictions could end up being true in the long-term
Cover image via u.today
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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.  

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$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."        

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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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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