- Thomas Lee, managing partner and the head of research at Fundstrat Global Advisors, said Tuesday that Bitcoin (BTC-USD) could potentially touch $100,000 this year, or even go higher.
- In an interview with CNBC, the closely watched investor said that the recent drop in Bitcoin price represented "noise" and "a great buying opportunity."
- Lee, an outspoken Bitcoin bull, acknowledged that Bitcoin has suffered a few headline-related hits lately, especially mining bans in China and regulatory scrutiny in the U.S.
- However, he said that Bitcoin could easily bounce back, noting that the cryptocurrency typically makes most of its gains during 10 trading days in a year.
- Longer-term, Lee argued that the Chinese mining bans could prove to be a positive event for the crypto. He said that diversifying mining operations out of China will be a good development over time.
- Lee also said that given the recent headlines, Bitcoin has held up well compared to historical patterns. He noted that a previous wave of news like the one seen in the last few weeks would have previously sent Bitcoin into a "crypto winter."
- With the crypto only 50% off its highs, Lee said that it was "pretty impressive" it wasn't down more.
- Comparing Bitcoin to oil, Lee stated that crude might have more near-term catalysts but cryptocurrencies had a larger potential for long-term returns.
- "It would be hard to find another generational story outside of digital assets," he said.
- For a different take on Bitcoin's future, check out SA contributor Clem Chambers, who believes the market has entered the next leg of a crypto crash.