Financial market research firm Fundstrat’s Tom Lee defended his position that Bitcoin could trade at anywhere from $22,000 to $25,000 by the year’s end, in two CNBC interviews Thursday, July 5.
Lee Corrects Himself:-
By Thursday afternoon, Lee said the estimated mining cost indicates a price over $20,000 – around – $22,000, then added that the $25,000 price can be reached by year’s end “or something like that.”
However, Lee later clarified his position on “Fast Money,” saying Thursday evening he "may have misspoke a little bit” and still stands by his $25,000 forecast.
In making his case the co-founder and managing partner of Fundstrat argued that the price of Bitcoin should be double that of the flagship cryptocurrency’s mining costs. With the mining cost of Bitcoin currently at US$9,100 according to Lee, doubling this cost while including other variables should see the price of the cryptocurrency reaching US$22,000 before the end of 2018.