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Renowned crypto analyst is advising investors to still invest in Bitcoin.
The co-founder of Fundstrat Global Advisors, Tom Lee, has maintained a bullish stance on Bitcoin. His view of the world’s largest cryptocurrency comes amid growing concerns about the crypto industry, which has had quite a rough year through 2022. According to Tom Lee, Bitcoin remains an invaluable investment tool, one that may be holding great potential for the coming year.
Tom Lee Holds Out Hope for Bitcoin, Says Bear Market Is Necessary for Cleansing
Speaking in a recent interview with CNBC, Lee admitted that the current crypto bear market is terrible, to say the least. But, he also noted that it is nothing new. He shared how a similar situation played out in the crypto space back in 2018, which saw the birthing of some of today’s industry giants. At the time, Bitcoin lost over 70% of its value from all-time highs. Lee said partly:
“Bitcoin went from $17,000 to something around $1,200, that was the time when some of the best projects were created.”
Additionally, the Wall Street strategist also insists that Bitcoin is very much alive. This is quite against the increasingly popular notion that crypto in its entirety might be dead and gone. But rather, Lee is convinced that crypto is here to stay, and that is largely owing to what it has to offer. Therefore, he continues to advise as many investors as possible to allocate some of their funds to Bitcoin.
2022 in Retrospect
Without a doubt, 2022 has not been easy on crypto. At the beginning of the year, crypto values began plunging, firstly, as a result of macroeconomic conditions. By midyear, the crash of Terra followed, wiping off over $400 billion in value from the crypto market capitalization. This set out a contagion that would later impact countless firms, as some were eventually plunged into bankruptcy.
Furthermore, early November also saw the shocking implosion of the FTX exchange as the landscape took another turn for the worse.
But, despite the poor outlook of crypto, it is worth noting that Lee’s Fundstrat projection of Bitcoin has been somewhat impeccable. Back in 2017, the firm predicted the flagship cryptocurrency to be worth between $15,000 and $50,000 by 2022. And so far, the prediction has been largely true. At the start of the year, Bitcoin was trading close to the $50,000 mark. However, it has since dropped and now hovers around the $16,000 mark, just as it has been doing for the past few days.
Tom Lee and his company remain fairly optimistic about the long-term prospects of Bitcoin and of the future of the entire crypto industry.