Fundstrat's Tom Lee: Bitcoin Could Reach $1.5 Million as It Matches Gold's Network Value

Tom Lee, Head of Research at Fundstrat Global Advisors, has reaffirmed his ultra-bullish stance on Bitcoin, calling it a “Swiss army knife” asset

Tom Lee, Head of Research at Fundstrat Global Advisors, has once again showcased his deep bullishness on Bitcoin, comparing it to a Swiss army knife asset for its combination of risk-on technology stock properties, network-driven value, and safe haven utility.

In an interview, Lee discussed how Bitcoin’s price growth continues to be largely driven by adoption, a trend he anticipates accelerating over the next 10 years.

“Bitcoin really does meet the fact that it’s a risk-on asset, but it’s also a network value asset. So as more people adopt Bitcoin—which is still the biggest driver of the price in my view.”

Lee noted that BTC is also emerging as a safe haven asset, particularly in an era of inflation, leveraged economies, and monetary debasement.

Looking ahead, Lee believes the most straightforward valuation model for Bitcoin is to compare it to gold, a thesis that has been touched upon by other prominent macro investors.

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“The easiest way to think of Bitcoin is that it should have the same network value as gold. So if you want to do the math, network value of gold is probably $23-$30 trillion. So if you divide that by 21 million, you get about a million, or a million and a half [dollars per Bitcoin].”

Lee’s remarks align with a growing narrative that positions Bitcoin not just as digital gold but also as the base layer of a new financial internet, an entity whose market cap could soon rival or surpass the legacy monetary metals.