This Key Engine Places Bitcoin Up To $ 168,000 By 2022 (Not As Crazy As You Think)

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Tom Lee: This Key Pilot Plots Bitcoin Up To $ 168,000 By 2022 (Not As Crazy As You Think)

Bitcoin has officially become mainstream.

With the launch of the first bitcoin futures ETF, the world’s first cryptocurrency is seeing a big push, recently surpassing an all-time high of nearly $ 65,000.

But there could be plenty of room to run around.

According to top Wall Street strategist Thomas Lee – co-founder of Fundstrat Global Advisors – the price of bitcoin could climb to $ 168,000 by the end of the year, which is up about 170%.

The reason?

Lee estimates that the new bitcoin ETF could attract an inflow of $ 50 billion in its first year, serving as a key short-term driver for the price of the token.

“We believe Bitcoin demand will exceed QQQ entries,” Lee wrote in a note to investors earlier this week.

It refers to the Invesco QQQ Trust Series 1 ETF, which tracks the Nasdaq 100 Index and is currently the fifth largest ETF in the United States.

If Lee is right, we are still in the early stages of the cryptocurrency bull market.

So here’s how you can enjoy the action, even if you only start with some of your spare change.

ProShares Bitcoin Strategy ETF (BITO)

Bitcoinist / Twitter

It’s the ETF that’s making all the headlines.

The ProShares Bitcoin Strategy ETF does not invest directly in bitcoin. Instead, the fund holds bitcoin futures contracts that trade on the Chicago Mercantile Exchange.

BITO debuted on October 19, starting with $ 20 million in seed capital. By the end of the day, it had jumped 4.8% and recovered more than $ 570 million in assets.

The momentum continued on Wednesday as the price of bitcoin broke above $ 65,000 for the first time, with BITO gaining another 3%.

Investing in ETFs is as easy as buying a stock. They are listed on the major stock exchanges and trade throughout the trading day.

But of course you can also invest directly in Bitcoin. Nowadays, some investment apps allow you to buy cryptocurrencies and ETFs without commission.

Bitcoin shares

very clean / Shutterstock

If you don’t want direct exposure, consider investing in companies with high exposure to the crypto market.

The story continues

Tesla, for example, owns nearly 42,000 bitcoins according to CEO Elon Musk’s Twitter account. When bitcoin moves, Tesla stocks tend to follow suit.

PayPal is another crypto game. Last October, the company launched a service in the United States that allowed users to buy, sell, and hold cryptocurrencies. It launched a similar product for the UK at the end of August.

And then there’s Coinbase, which runs the largest cryptocurrency exchange in the United States. Its monthly retail transaction users reached 8.8 million at the end of the second quarter.

Of course, these stocks are not cheap. Tesla is trading at around $ 866, PayPal at $ 255, while Coinbase commands a price over $ 300 thanks to the recent cryptocurrency rally.

But you can get some of these bitcoin games using a popular stock trading app that lets you buy fractional stocks with as much money as you are willing to spend.

Buy bitcoin directly

Momentum Fotograh / Shutterstock

While a lot of excitement surrounds the new bitcoin ETFs, don’t forget the easiest way to invest in cryptocurrencies: buy the tokens directly.

Things are volatile in the crypto world, but bulls like Lee are seeing a new balance between bitcoin supply and demand in the $ 168,000 price range.

Today, many crypto exchanges charge up to 4% commission fees just for buying and selling cryptos, but some investment apps charge 0%.

And it is not necessary to buy an entire part. You can start with as little as $ 1.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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