Bitcoin (Bitcoin) is essentially "digital gold" for millennials and could easily achieve the $100,000 range, Wall Street strategist Tom Lee told CNBC.
"It's valued as if it is a small company today," Lee said. "We think over the next 10 years, this new generation of millennials are going to view trust as a replacement for gold. So, Bitcoin is essentially digital gold for another generation."
If Bitcoin captures "5 percent of just the gold market, it's $25,000," Lee added. "But 5 percent seems like an awfully small number. Let's say it's 10 or 15. Then Bitcoin could easily be in the $100,000 range."
Earlier this week, former Fortress hedge fund manager Michael Novogratz predicted that Bitcoin could "easily" be at $40,000 at the end of 2018.
Former hedge fund manager James Altucher predicts Bitcoin will reach $1 million in three years.
"I'll say $1 million by 2020, easily," Altucher said Wednesday on CNBC's "Squawk Alley." "There's 15 million millionaires around the world. All their financial advisors are going to say, 'Hey, buy a Bitcoin. You need some exposure.'"
"There's only going to be 21 million Bitcoins minted ever in history. That's also going to drive demand," Altucher said.
Bitcoin surged to a record high of $11,377.33 Wednesday morning and was trading near $10,811 as of midday Wednesday, according to CoinDesk.