Tom Lee: Bitcoin is expected to hit a new all-time high this year, and Ethereum will outperform Bitcoin

On January 18, BitMine Chairman and Fundstrat Co-Founder Tom Lee said in an interview with CNBC, “From the overall market perspective, I think the gains in the first five trading days of January are good news. This is a very positive sign for the entire year and gives us greater upside potential for the S&P 500 index reaching 7700 points. The recent volatility in the financial sector, the overall market, and the crypto market over the past few days has, to some extent, reflected the impact of policy factors. Washington is trying to limit credit card interest rates, and if this policy is implemented, I believe it will impact the financial industry because it will weaken financial institutions’ ability to extend credit to various types of consumers. However, at the same time, the progress of the ‘Clarity Act’ is very positive news for the crypto industry. The crypto market was heavily impacted in October last year, so we believe that as time passes and we move further away from the shock point, the market will experience a significant recovery. Therefore, we are optimistic about Bitcoin. We believe Bitcoin could reach new all-time highs this year; at the same time, our outlook on Ethereum is more positive, and we expect Ethereum’s performance to outperform Bitcoin.”