Fundstrat’s Tom Lee, a Bitcoin perma-bull, says the crypto would have to rise to $150,000 to support ETF-like volumes.

ETF-wishers should, therefore, pray for Bitcoin to rise nearly 18 times from its current price of $8490, if Tom Lee’s prediction is to come true.

That’s a tall order, even for the medium-term.

Fundstrat’s Lee has a fixation for a Bitcoin price of $150,000. Last year, he predicted the crypto would rise to $150,000 once BTC wallets account for 7 percent of Visa’s 4.5 billion account holders.

As at the end of September 2019, the number of blockchain wallets reached only 42 million, according to Statista. So, it could be a while before crypto wallets reach that magic number.

Nevertheless, there are other ambitious price targets for Bitcoin. Last month, tech guru John McAfee said in an interview with Forbes that Bitcoin would touch $1 million by 2020.

More wishful thinking?

Lee: SEC correct to soft-pedal Bitcoin ETF approval

It is Lee’s opinion that the SEC is right to take its time to ensure that adequate checks and balances prevail in the system before approving a Bitcoin ETF.

Understandably, the industry views the difficulty of obtaining SEC approval as an obstacle.

However, “they’re establishing protections for individuals,” and “that’s how you get the mainstream willing to get involved in crypto,” Lee said.

In October, The Securities and Exchange Commission (SEC) rejected Bitwise Asset Management’s efforts to launch a bitcoin exchange-traded fund (ETF). The agency said that Bitwise’s proposal failed to meet legal requirements tied to market manipulation and other concerns.

[Related Story: Bitwise Unfazed by SEC Rejection; Intends to re-file soonest ]