Tommy Lee, A Crypto Analyst, Has Revised His 2022 Bitcoin Prediction

Despite a lackluster performance in 2022, top Wall Street strategist Thomas Lee, co-founder of Fundstrat Global Advisors, believes crypto will reemerge.

In a recent interview with CNBC, Lee stated that the current bear market is nothing new. He cited a similar meltdown in the whole industry in 2018, when Bitcoin lost more than 70% of its value from all-time highs.

“Crypto has had a disastrous year. Nobody made money in cryptocurrency in 2022 “He stated. “However, it is not significantly different from 2018. If we look back at the crypto winter, when Bitcoin fell from $17,000 to around $1,200, we can see that it was during this time that some of the best projects were born.”

Lee went on to say that the current market downturn is “an important moment” for the industry because it is weeding out a lot of bad actors. He also stated that he does not believe crypto is dead. Instead, he believes that crypto will be around for a long time due to the benefits it provides.

Lee said yes when asked if he still recommends buying Bitcoin. “When we first wrote about Bitcoin in 2017, we recommended that people put 1% of their money into it.” Bitcoin was under $1,000 at the time. Without rebalancing, that holding would account for 40% of their portfolio today.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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