Benzinga - Tom Lee, the Head of Research at FS Insight, predicted the potential growth trajectory of Bitcoin (CRYPTO: BTC) while speaking on CNBC Thursday, stating that the cryptocurrency's network value and inherent scarcity could push its price beyond the $200,000 mark.
Lee's comments come in the wake of predictions by other industry experts, including Ark Invest CEO Cathie Wood, who also foresees a significant price surge for Bitcoin in the coming years. She's among the numerous crypto thought-leaders bullish on the apex crypto, many of whom will be sharing their insights at Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023.
Lee highlighted the resilience of Bitcoin, noting that "it's pretty battle tested," having withstood major regulatory challenges this year. Despite facing regulatory scrutiny, the world's top cryptocurrency has managed to find support and maintain its position, he noted.
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Traditional financial giants, such as BlackRock (NYSE: BLK) and Citadel, have also shown interest in Bitcoin, further bolstering its credibility in the market.
Lee Highlights Bitcoin's Resilience and Regulatory Scrutiny
Discussing the metrics to evaluate Bitcoin, Lee mentioned the stock-to-flow model and break evens on mining as potential indicators.
He also emphasized the increasing miner activity, driven by developments like NFT variations on Bitcoin.
With the S&P and NASDAQ showing positive trends this year, Lee believes it's historically been a good sign for Bitcoin's performance.
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