Bitcoin to $2M? Tom Lee And Michael Saylor Think So, But Analysts Disagree

Key Takeaways

• BitMine Chairman Tom Lee believes Bitcoin could reach $1.6–$2 million if it matches gold’s total market capitalization.

• Michael Saylor predicts Bitcoin could hit $21 million within 21 years.

• CCN analysts believe such valuations would require a massive global financial shift.

Bitcoin’s growing mainstream appeal has continued to spark bold price predictions, with some of crypto’s most vocal advocates calling for stratospheric valuations, but analysts disagree.

BitMine Chairman Tom Lee, speaking in an interview with Anthony Pompliano, said the long-term value of Bitcoin could rise to between $1.6 million and $2 million if the asset eventually equals gold’s total market capitalization.

“Well, gold is moose first and then Bitcoin catches up,” Lee said.

Lee said that as gold’s “network value” rises, it creates a higher benchmark for digital store-of-value assets like Bitcoin.

Gold has surged more than 115% in the past two years, reaching an all-time high of $4,381 in October before retreating.

Bitcoin, meanwhile, has gained about 150% since the start of 2024, outperforming gold’s roughly 100% rise over the same period.

While Bitcoin briefly fell from its Oct. 6 record high, it continues to trade near key support around $107,000.

Echoing that optimism, Michael Saylor, executive chairman of Bitcoin holding company Strategy, has projected a longer-term target of $21 million per Bitcoin within 21 years.

Speaking at a conference in Prague, Saylor said the digital gold’s capped supply and accelerating institutional adoption could drive exponential gains.

Saylor’s firm’s total holdings sit at around 640,418 BTC, the world’s largest corporate stash, around 3% of the total that will ever exist.

He said Bitcoin’s rising recognition as “digital gold” will fuel its rise:

“If institutions decide to increase their crypto allocation even slightly, the impact on price could be enormous,” he said.

Television personality Jim Cramer, a long-time market commentator, has also weighed in with bullish sentiment.

Posting on X earlier this week, Cramer wrote:

“Crypto due for a push today. We are in 2000 territory on specs… We MUST focus on this before people really get hurt. TRIM.”

Shortly after his remarks, Bitcoin’s price fell nearly 4%, dipping to about $106,700 before recovering slightly.

The drop reinforced the so-called “Cramer Effect,” a running joke among crypto enthusiasts who have mocked his calls, which often go in the opposite direction.

Not everyone is convinced that Bitcoin can climb to such extraordinary levels.

CCN analyst Valdrin Tahiri argued that Lee’s projection assumes a radical reshaping of global financial markets.

“If Bitcoin ever reached $2 million, its market cap would soar to about $42 trillion, nearly twice the total value of all the world’s gold, which is around $20–25 trillion,” Tahiri said.

Tahiri said that “shift feels far-fetched” unless there’s a “massive currency debasement or a global move away from traditional assets.”

At the time of reporting, Bitcoin’s price is trading at $111,279, according to CoinMarketCap.

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