“Widening ownership is going to be propelling Bitcoin to $150,000”

I posted comments earlier from Fundstrat Global Advisors Managing Partner and Head of Research, Tom Lee on his S&P 500 forecast:

• S&P 500 to hit 5,500 in just three week’s time

He also spoke on Bitcoin, reiterating his USD150K forecast:

• There’s the tailwinds that are associated with halving that just take place.
• We also know, because of the Bitcoin ETF (exchange-traded fund), there have been tremendous inflows, but institutional adoption and infrastructure being built around Bitcoin is only beginning. And that makes crypto and especially Bitcoin a bona fide asset class.
• And I think that sort of widening ownership is going to be propelling Bitcoin to $150,000.
• And again, surprise – maybe surprising or not surprising, Bitcoin still follows math. More than 87% of the movement in Bitcoin still follows just the number of wallets and the activity per wallet and both are moving higher.

Bitcoin has been chopping around US$70K, the question for the tech folks is if its acculmation or distribution:

Lee in a CNBC interview, gated.

This article was written by Eamonn Sheridan at www.forexlive.com.