Hedge fund veteran Tom Lee stays long-term bullish on Bitcoin (BTC) and expects the crypto trade to return out of its bear market stronger than earlier than.
In a brand new interview on CNBC, the Fundstrat managing associate says whereas 2022 has been “horrible” for crypto buyers, he thinks a brand new chapter could possibly be rising.
“No person has made cash in crypto in 2022, but it surely’s not that completely different than 2018. If we glance again at that crypto winter when Bitcoin went from $17,000 to one thing like [$3,200] or so, that was the time that a number of the greatest tasks have been created. So I believe that it’s an essential second for the trade. I believe it’s cleaning a whole lot of dangerous gamers, and I believe it’s essential.
Do I believe crypto is lifeless? No, I believe there are lots of people throwing gasoline in a crowded theater and yelling ‘Hearth!,’ and it’s simply going to be essential for many who actually like what decentralization and what Bitcoin are doing. They should have the endurance, however yeah, 2022 has been horrible.”
Lee compares at this time’s crypto house to the normal finance sector of 2008, the place many companies imploded throughout the disaster earlier than giving strategy to stronger entities.
“We first examine Bitcoin in 2017, and we really helpful folks put 1% of their funds into Bitcoin on the time when Bitcoin was beneath $1,000. That holding at this time could be 40% of their portfolio with out rebalancing. So does Bitcoin nonetheless make sense for somebody to have some form of ballast? Sure.
Is it going to have one other horrible 12 months subsequent 12 months? I believe if there’s extra fraud, sure. But when this was the second of monetary stress, what we’re going to see emerge from that is corporations that emerged from the GFC (Nice Monetary Disaster), the ascendancy of banks like JPMorgan actually got here out of ’08, and I believe the error folks made within the GFC is to say that banks have been untouchable and that’s what’s taking place in crypto now”
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