According to CNBC, Wall Street strategist Tom Lee Bitcoin is “digital gold” for millennials. He says that the cryptocurrency could achieve the $100,000.
Bitcoin surpassed $10,000 as seen on CoinDesk. Lee told Squawk Box: We think over the next 10 years, this new generation of millennials are going to view trust as a replacement for gold. So, bitcoin is essentially digital gold for another generation. If it gets “5 percent of just the gold market, it’s $25,000. But 5 percent seems like an awfully small number. Let’s say it’s 10 or 15. Then bitcoin could easily be in the $100,000 range.”
Lee raised his mid-2018 price target for bitcoin to $11,500. Bitcoin is up more than 130 percent over the last three months. Earlier this week, former Fortress hedge fund manager Michael Novogratz predicted on CNBC that bitcoin could “easily” be at $40,000 at the end of 2018.
Source: cnbc
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