It has been reported that Lee said that the next Bitcoin rally would start in late 2020, take off in early 2021, and follow with a peak in December.
However, the recent bull run which started last year has seen the price of the crypto asset pass its previous all-time high (ATH) price of $20,000 in December and $30,000 the following month.
“Back [in 2018], Bitcoin was under $10,000 — no one was talking about it. People who weren’t drinking the Kool-Aid were thinking I was crazy to even make a prediction two years out that’s so specific.”
The report said that Lee did tone down his 2018 prediction of a $333,000 BTC peak by December but still said that the Bitcoin price was likely to leave the current one, around $56,000, in the dust.
“I think it’ll go up at least another 4-5 times, so it’ll hit $200,000-$250,000 this year.”
Likewise, he said that the most recent price movement was likely due to the news of institutional investors like Tesla getting into crypto, and many in the ecosystem believing the SEC will now be more open to approving a Bitcoin exchange-traded fund.
Lee further said that someone “as respected as Elon Musk” had moved part of his company’s balance sheet into virtual currency, “every board member of every publicly listed company and even board members of private companies” may have to consider the same investment.
He also felt that it was possible Musk’s other venture, the privately held company SpaceX, could follow. Bret Johnsen, the Chief Financial Officer of Aerospace firm, reportedly attended MicroStrategy’s recent web conference on corporate Bitcoin strategy.
It has been analyzed that among Lee’s other long-term predictions for the crypto asset include the price reaching parity with Tesla’s CyberTruck vehicle, priced at $39,900 in June, and the Bitcoin price crashing in 2022 before bottoming out at around $41,000 in January 2023.
Lee even thinks the BTC market capitalization will flippen gold by 2028, at which time the price may reach more than $500,000.
“When [Bitcoin] does peak, it’ll crash, and then the crash will be devastating. To a lot of people, it’ll be a huge surprise.”
Thus, Lee concluded:
“The crypto asset would “track itself back up” over time.”