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 companion says whereas 2022 has been “horrible” for crypto buyers, he thinks a brand new chapter could possibly be rising.
“No one has made cash in crypto in 2022, nevertheless it’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 few of the greatest tasks have been created. So I feel that it’s an vital second for the trade. I feel it’s cleaning a variety of dangerous gamers, and I feel it’s vital.
Do I feel crypto is lifeless? No, I feel there are lots of people throwing gasoline in a crowded theater and yelling ‘Fireplace!,’ and it’s simply going to be vital 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 right this moment’s crypto house to the standard finance sector of 2008, the place many corporations imploded through the disaster earlier than giving strategy to stronger entities.
“We first examine Bitcoin in 2017, and we really useful folks put 1% of their funds into Bitcoin on the time when Bitcoin was beneath $1,000. That holding right this moment could be 40% of their portfolio with out rebalancing. So does Bitcoin nonetheless make sense for somebody to have some kind of ballast? Sure.
Is it going to have one other horrible yr subsequent yr? I feel if there’s extra fraud, sure. But when this was the second of economic 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 feel the error folks made within the GFC is to say that banks have been untouchable and that’s what’s occurring in crypto now”
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