Fundstrat’s Tom Lee on Friday became the first major Wall Street strategist to formally lay out his views on bitcoin.
The digital currency could be worth as much as $55,000 by 2022, Lee said in a report titled “A framework for valuing bitcoin as a substitute for gold.”
Bitcoin has more than doubled in value for the year, and high interest prompted a Goldman Sachs technical analyst, a team of Morgan Stanley analysts and Citi researchers to issue reports on bitcoin or the blockchain technology behind it in the last few months.
However, Lee is the first widely-followed market strategist to issue a report dedicated to predicting bitcoin’s price. Lee also happens to be the most bearish strategist on U.S. stocks currently.
Source: Investment Cnbc
First major Wall Street strategist weighs in on bitcoin, sees it worth as much as ,000