In an interview with CNBC, Tom Lee, Chairman of BitMine and co-founder of Fundstrat, stated that Bitcoin could reach a new all-time high this year, and further predicted that Ethereum would surpass Bitcoin.
Lee highlighted that the market performance observed in the initial days of the year provided a positive signal for the remainder of the year. He commented, “From a general market perspective, the gains in the first days of January are very good news. This is a very positive sign for the entire year and offers upside potential toward our 7,700 point target for the S&P 500.”
Market Influences and Crypto Outlook
Lee attributed the recent volatility in financial markets and crypto assets partly to policy-related developments. He noted that Washington’s potential steps to limit credit card interest rates could introduce a significant shock to the financial sector if implemented, potentially weakening the ability of financial institutions to extend credit to a broader consumer base.
Conversely, Lee pointed to the progress on the Clarity Act as a positive development for the cryptocurrency sector. Recalling the significant impact the crypto market experienced last October, Lee expressed an expectation for a strong market recovery over time as this impact is gradually overcome.
Optimism for Bitcoin and Ethereum
In this context, Tom Lee articulated his optimistic outlook for Bitcoin, stating, “We believe Bitcoin has the potential to reach new highs this year. However, we are even more positive about Ethereum and predict that Ethereum will outperform Bitcoin.”