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Known for his bold predictions about Bitcoin ($BTC) and the cryptocurrency market, Fundstrat co-founder and BitMine president Tom Lee made important statements about Bitcoin and Ethereum ($ETH).
Speaking at the TOKEN2049 conference in Singapore, Tom Lee said that $BTC could reach $140,000 and $ETH could reach $22,000.
Comparing gold to Bitcoin, Lee predicted that Bitcoin could rise to $140,000 in the short term. For this to happen, he noted that Bitcoin's value would need to reach about 10% of gold's current value.
Lee also added that if the value of the Bitcoin network were to be the same or higher than that of gold, $BTC could rise to as much as $2.2 million.
Secondly, touching on Ethereum, Tom Lee stated that the price of Ethereum could reach $22,000.
Lee stated that there are two conditions for this: the $ETH/$BTC ratio reaching its all-time high of 0.087 in 2021 and $BTC reaching $250,000 by the end of the year. If both of these are met, the $ETH price could reach $22,000.
Tom Lee has also said in other recent statements that he expects the Bitcoin price to be between $200,000 and $250,000 by the end of the year, and the Ethereum price to be between $10,000 and $12,000.
Lee also stated that Bitmine's goal is to increase its Ethereum holdings to 5% of the $ETH supply.
As you may recall, Bitmine announced on Monday that it purchased 234,846 $ETH worth $963 million in the past week. With this latest purchase, Bitmine (BMNR) now holds 2,650,900 $ETH worth approximately $11 billion, representing more than 2% of $ETH's total supply.
*This is not investment advice.