Bitcoin price could to surge to $180,000 after spot ETF approval, Fundstrat co-founder claims

Fundstrat co-founder Tom Lee has shared an optimistic price prediction for the leading cryptocurrency — telling CNBC that a spot Bitcoin ETF approval from the U.S. Securities and Exchange Commission could send its underlying asset's price to higher than $150,000 per coin.

"If the spot Bitcoin [ETF] gets approved, I think the demand will be greater than the daily supply of bitcoin," he said, explaining: "So the clearing price — this is done by our crypto digital strategist — is over $150,000. It could even be like $180,000."

Lee noted that this price prediction hinges on a spot Bitcoin ETF being approved in the United States — not overseas, where one was listed yesterday.

To date, the U.S. SEC has only denied or delayed applications after years of attempts from companies to list the first spot Bitcoin ETF — and some don't believe the agency, in its current form, is likely to change course. Former SEC Office of Internet Enforcement chief John Reed Stark, for example, believes one is unlikely to be approved under the Biden administration.

If a spot Bitcoin ETF does not get approved, Lee still noted that the leading cryptocurrency has upside potential due to its upcoming planned daily supply reduction — known as The Halving. Bitcoin's next block having event is currently slated to occur on Apr. 26, 2024.