According to Tom Lee, co-founder of Fundstrat and chairman of BitMine, Bitcoin and Ethereum are expected to see significant increases in the fourth quarter of this year due to the easing of U.S. monetary policy.
Lee stated on CNBC on Monday that the sensitivity to monetary liquidity and the global central banks' easing policies, along with strong seasonal factors, will drive the prices of Bitcoin (BTC) and Ethereum (ETH) higher.
He added that these could be one of the "outstanding trades" for the remainder of the year, partly due to the Federal Reserve's first interest rate cut this year.
Lee compared the current situation to September 1998 and 2024, when the Federal Reserve was in a "long pause" and cut rates that month. "The Fed can actually re-inject confidence by indicating that we are re-entering a easing cycle," he said, adding that a rate cut would be a "real improvement in liquidity."
The U.S. central bank is expected to cut rates by 25 basis points on Wednesday, although the futures market predicts only a 4% chance of a 50 basis point cut.
When asked if BTC and Ethereum are still risk assets, Lee stated that Bitcoin is particularly sensitive to monetary policy and liquidity, while Ethereum also has liquidity-sensitive characteristics.
"But it is also part of the AI migration to blockchain and Wall Street's migration to blockchain, which is the entire stablecoin ChatGPT moment for cryptocurrency," he said, adding:
Lee finally stated that this is why BitMine is actively acquiring Ethereum.
In the latest update on Monday, the company revealed it holds $10.77 billion in cash and cryptocurrency assets, including 2.15 million ETH.
The company now holds Ethereum worth $9.7 billion, accounting for nearly 1.8% of the total supply.
"Wall Street's migration to blockchain, combined with AI and the creation of a token economy by proxy AI, is creating a super cycle for Ethereum," Lee said.
As of the time of writing, the price of ETH is trading above $4,500, down 2.7% on the day, but up nearly 5% compared to the same time last week.
Related: Standard Chartered: Digital asset treasury is under pressure as market net asset value (mNAV) plummets
Original article: “Tom Lee: Bitcoin (BTC) and Ethereum (ETH) may see a 'monster move' in the next 3 months”
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