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Tom Lee’s Fundstrat published its first report on Bitcoin about five years ago. Back then, the financial institution predicted that by 2022, cryptocurrencies could be worth around $15,000 and $50,000.

Bitcoin is currently trading above the middle of that range, and Lee is still optimistic about the future of Bitcoin and other cryptocurrencies. Especially, in the era of rising interest rates.

“Interest rates look like they’re set to reverse almost 30 years of declines,” the Fundstrat founder told CNBC’s “Crypto World” Monday. “That means for the next 10 years, you’re guaranteed to lose money owning bonds… that’s almost $60 trillion of the $142 trillion [of U.S. household net worth].”

Tech stocks and risky growth assets have been hit hard by the Fed’s decision of hiking interest rates. The hawkishness of the Federal Reserve sent major stocks to years low including the tech giant Meta Inc. (formerly Facebook).

“The question we ask ourselves is, ‘where’s the $60 trillion going to go to earn yield?’” Lee added. “The obvious thing is it rotates into stocks like FAANG, but I think what is more likely is a lot of speculative capital from equities… it’s really going to be tracing its roots to a rotation out of bonds and it’s going to eventually flow into crypto.”

“The biggest downside for crypto would be a vulnerability exposed in bitcoin, because it’s the most important blockchain and the one with the most value stored on it,” he added.

However, cryptocurrencies are highly volatile and their dramatic price swings can make it extremely difficult for investors to predict the future.

“Unless someone really has a crystal ball, it’s very difficult to be precise in crypto,” Lee said. “Drawdowns of 40% are really common and bitcoin makes most of its gains in 10 days in any single year. It’s tough to be too precise with crypto. It’s wide lanes.”