Tom Lee, the only major Wall Street strategist to issue bitcoin price targets, told CNBC on Thursday he sees the world's largest cryptocurrency by the end of the year at more than $20,000 per unit — 20 percent less than his previous estimate.
"Bitcoin has historically traded at 2.5 times its mining costs. It's not out of the question that it could be over $20,000 by the end of the year at fair value," the Fundstrat Global Advisors co-founder said on "Squawk Box."
That's down from Lee's previous year-end projection of $25,000.
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