Tom Lee: Bitcoin Will Out-Perform Stocks Rest of Yearbr>
Fundstrat co-founder Tom Lee continues to be bullish on bitcoin’s prospects. Interviewed on CNBC’s “Fast Money” show, he said bitcoin appears likely to out-perform stocks and bonds until the end of the year.
Of course, stocks are at all-time highs and bonds show little growth prospects. But, still…
Lee, the first major Wall Street analyst to issue a report on bitcoin, has long been a major bull, predicting valuations topping the $55,000 mark in five years.
“I think bitcoin is an under-owned asset with potential for huge institutional sponsorship coming,” Lee said on CNBC. “It has a lot of characteristics that are very similar to gold that I think will make it ultimately attractive as an alternate currency. It’s a good store of value.”
Lee was formerly the top stock strategist at JPMorgan. He sees institutional investors diving into the market as a big driver of future growth. “Institutions have to directly buy the coin today through a broker, but both the CBOE (Chicago Board Options Exchange) and the CFTC (U.S. Commodity Futures Trading Commission) have opened up options futures trading, so I think it’s going to grow in holdings.”