During a recent appearance on CNBC's Squawk Box, Fundstrat's Tom Lee stated that Bitcoin, the leading cryptocurrency, is gradually replacing gold.

"I think Bitcoin is digital gold. I think it's replacing gold over time," he said. 

The fact that gold is rising shows that there is still a lot of fear in the market, according to Lee. He added that the yellow metal could be potentially viewed as a measure of bearish sentiment. 

As for Bitcoin, Lee believes that the cryptocurrency has two functions. While obviously being a risk-on asset, Bitcoin can also provide protection against systematic risk. 

According to the Bitcoin permabull, there could be a day when the dollar could end up debasing. In such a case, investors would want to own a lot of Bitcoin or gold.

Following the infamous global market crash that took place earlier this year, markets showed a lot of resilience, according to Lee. "I mean, the fact that we snapped back so sharply is showing you how strong this market is," the prominent analyst added. 

Lee is convinced that the probability of the so-called "soft landing" is going up. He expects a "benign" cutting cycle that should be good for markets. At the time, the Fundstrat co-founder opined that the Fed should get off data dependence since the aforementioned soft landing could be at risk. 

The analyst has also added that the Fed is "behind the curve" when it comes to rate cuts. He is convinced that cutting "more aggressively" would make sense at this point. 

The Fed's widely anticipated September rate cut could be the main bullish catalyst for Bitcoin. 

As reported by U.Today, Lee has repeatedly forecasted that the price of the leading cryptocurrency could surge to as much as $150,000 this year.