The managing partner and the head of research at Fundstrat Global Advisors is predicting that Bitcoin’s (BTC) market cap will one day be as much as gold’s.
In a new interview with Natalie Brunell, Lee says that Bitcoin’s market cap could soar more than 1,100% from the current value, reaching $16 trillion.
Lee believes investors will increasingly flock to Bitcoin as a more useful store of value than gold.
“I think that as a minimum target for Bitcoin, when does Bitcoin have to reevaluate whether it’s peaking, is when the value of Bitcoin exceeds the value of above ground gold today, and that’s $16 trillion. And the reason I think that’s a fair benchmark is that gold might have some industrial uses and it has jewelry uses but the principal reason it’s got $16 trillion of value is it’s viewed as almost a singular hedge against currencies and against calamity.
And to me, Bitcoin is far more resilient and useful if we were ever in a circumstance where you actually need to start using gold. If you try to carry one million worth of gold you probably need a couple of friends to help carry that. You can carry one million of Bitcoin in a wallet or in your mind if you memorize your address. So to me, I think it’s a far more useful hedge against calamity. But on top of that, of course, it has other uses. In fact, over time, it’s arguably going to be pretty widely used, maybe not for direct payments, but as a source of collateral or type of collateral.”
Bitcoin is trading for $66,096 at time of writing, with a market cap of $1.304 trillion.
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The post Fundstrat’s Tom Lee Sees Bitcoin Market Cap Increasing 1,100%, Says BTC a Far More Useful Hedge Against Calamity appeared first on The Daily Hodl.
