Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says

Posted On: Nov 16, 2019   |   Posted By: Business Insider

Bitcoin would need to soar 1,670% to make an ETF possible, strategist Tom Lee says

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 crypto-coins through related ETFs, but...

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