RATE Group | Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says | Cur…
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Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says | Cur…

16 Nov Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says | Cur…

Posted at 20:57h in Cryptocurrency News by

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FILE PHOTO: A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017. REUTERS/Dado Ruvic/IllustrationReuters

  • Bitcoin would need to surge past $150,000 per coin to make an exchange-traded fund for the coin feasible, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg.
  • The estimate requires a 1,670% gain for the popular cryptocurrency. It traded at roughly $8,488 as of 3 p.m. ET Friday.
  • Large fund launches can bring in $13 billion in first-year interest, and the buzz around cryptocurrencies remains healthy, Lee said. 
  • Lee praised the Securities and Exchange Commission for the crypto-related regulation it’s done so far, saying “institutions aren’t going to touch crypto” until the SEC endorses products like ETFs and other funds.
  • Watch bitcoin trade live here.

Bitcoin would need to surge past $150,000 per coin to make an exchange-traded fund for the cryptocurrency work, Fundstrat Global Advisors co-founder Tom Lee said, according to Bloomberg. Such an advance would mark a roughly 1,670% increase from current levels.

Several firms look to ride the hype behind…

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