Tom Lee, the co-founder and strategist of the Fundstrat market research company, claimed that the value of the leading cryptocurrency Bitcoin will continue to rise. The cryptocurrency will achieve substantial gains because the millennial generation is interested in it, according to Lee.
He added that the way millennials will power Bitcoin today is similar to how the baby boomers bolstered the stock market in the 1980s.
In an interview with CNBC’s “Squawk Box” on Dec. 12, 2017, Lee claimed that the millennials are very interested in digital businesses, social media and Bitcoin. He further stated that the population group still has over 20 years to go before its numbers peak.
“I think what viewers have to appreciate is, this is a millennial story. The average millennial is 25 today. The boomers were 25 in 1982, so what did the boomers drive from 1982 to the peak population of the boomers, which was ’99? The S&P 500…Millennials have great interest in digital businesses, social media and Bitcoin and the millennial population is not going to peak until 2040.”
Previous predictions from Lee
During an interview in October 2017, Lee has predicted that Bitcoin price will continue to rise to reach $25,000 by 2022.
During 2017, Bitcoin has posted eye-popping 1,700 percent of growth to hit more than $17,000 per token in December, and if this dynamic continues into 2018, Lee’s prediction might end up not too far off.
The launch of Bitcoin futures by the CME Group and the Chicago Board Options Exchange (CBOE) is expected to drive Bitcoin price further and pave the way for the introduction of a Bitcoin exchange-traded fund (ETF), which might further impact the price.