Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, projected an aggressive long-term upside for Bitcoin BTC/USD, estimating a terminal valuation of up to $3 million per coin.
What Happened: Speaking with CNBC, Lee suggested that Bitcoin could realistically climb to $250,000 by the end of 2025 and sees further gains as inevitable given global adoption trends and limited supply.
Lee underscored the stark disparity between Bitcoin’s fixed supply and its largely untapped global demand.
“95% of all Bitcoin has been mined, but 95% of the world doesn’t own Bitcoin,” he said. “There’s a huge demand versus supply imbalance.”
For the remainder of 2025, Lee said his base-case target for Bitcoin is $150,000, but noted that it could “maybe” reach $200,000 or even $250,000 depending on market conditions.
What’s Next: Looking further ahead, Lee believes Bitcoin’s value could exceed that of gold.
He pointed out that gold’s total above-ground market value is around $23 trillion.
Achieving parity with that would place Bitcoin at approximately $1.2 million per coin.
However, he believes Bitcoin has superior properties and therefore could reach $2 million, or even $3 million, in the long term.
Lee’s forecast aligns with the growing narrative among institutional investors that Bitcoin’s scarcity and decentralized structure make it an attractive hedge in an increasingly inflation-prone economic environment.
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