Tom Lee, a strategist at Fundstrat, has suggested that if regulators approve the first-ever US spot bitcoin exchange-traded fund (ETF), the price of bitcoin could reach a new record high. Lee believes that if the spot bitcoin ETF is approved, demand will surpass the daily supply, potentially driving the price to over $150,000 or even $180,000. While Europe has recently launched the Jacobi Bitcoin ETF, US regulators have yet to approve similar applications from asset managers such as BlackRock and Fidelity. Lee also mentioned that the easing macro conditions and Federal Reserve policy create a bullish environment for cryptocurrencies. Additionally, he predicted a new all-time high for the S&P 500 by the end of the year and highlighted the significant cash waiting to enter the market.
AI Sentiment: Positive