Tom Lee from Fundstrat talked about his Bitcoin predictions on a recent episode of the “Odds Lots” podcast and stressed what makes Bitcoin special. Lee talked about how BTC is different from other types of assets because of its shared value, which means that everyone who contributes to the network directly benefits.
Lee talked about Fundstrat’s first study of Bitcoin in 2017, when the price was about $1,000. In their white paper, they explained that the price of BTC depends a lot on two things: the number of active wallets and the activity inside each wallet.
Lee stated :
“We projected that by 2022, if the number of wallets increased by 70% and activity per wallet rose by 40%, BTC could reach $25,000,”
Bitcoin’s Security And Market Impact
In addition to calling BTC a “incredible technology,” Lee emphasized how secure it is by saying that it has not been hacked in its 14-year history. He stressed that every record on the BTC ledger is real, which shows how trustworthy the technology is.
Lee did say that over 80% of Bitcoin price changes are still caused by action in wallets, even with these benefits. Jurian Timmer of Fidelity, on the other hand, said that BTC network growth has not been as fast as expected, which could be affecting its recent market performance.
According to CoinGecko data, Bitcoin fell below $60,000 on Monday for the first time in over a month. It hit an hourly low of $59,863.
