Wall Street strategist Tom Lee said that he believes the Bitcoin price could “easily” double in 2018, even though the flagship cryptocurrency’s breakneck rally has ebbed in recent weeks.
Lee is a co-founder of Fundstrat Global Advisors, the first Wall Street firm to provide clients with an official Bitcoin price target. A noted stock market bull, Lee said that although investors should make stocks the core of their portfolios, Bitcoin will likely outperform equities in 2018.
“Even on a risk-adjusted basis, I think Bitcoin is going to easily outperform the S&P,” Lee said Tuesday on CNBC. “On a long-term basis, [the easiest way to look at Bitcoin is] as a replacement or a store of value,” he said. “So as millennials discover and generate income, they’re going to use considering it as a replacement for gold.”