Fundstrat’s Tom Lee says he’s still a bitcoin bull and predicts crypto firms will emerge stronger from the market turmoil

Hedge fund veteran Tom Lee remains bullish on Bitcoin (BTC) over the long term and expects the crypto industry to emerge from its bear market stronger than before.

In a new interview on CNBC, Fundstrat’s managing partner says while 2022 has been “terrible” for crypto investors, he believes a new chapter could be dawning.

“No one made money from crypto in 2022, but it’s not much different than 2018. If we look back at that crypto winter when bitcoin surged from $17,000 to something like $ [$3,200] either way, that was the time when some of the best projects came about. So I think this is an important moment for the industry. I think it cleans a lot of bad players and I think it’s important.

Do I think crypto is dead? No, I think there are a lot of people throwing gas into a crowded theater and screaming “Fire!” and it will only matter to those who really like what decentralization and what bitcoin is doing. You have to have staying power, but yeah, 2022 was terrible.”

Lee compares today’s crypto space to the traditional financial sector of 2008, where many companies imploded during the crisis before giving way to stronger companies.

“We first read about bitcoin in 2017 and we recommended people invest 1% of their money in bitcoin when bitcoin was below $1,000. That holding would make up 40% of her portfolio today without rebalancing. So does bitcoin still make sense if someone has some kind of baggage? Yes.

Will there be another terrible year next year? I think if there is more cheating, yes. But if that was the moment of financial stress then we’re going to see the emergence of companies that emerged from the GFC (Great Financial Crisis), the rise of banks like JPMorgan really came from 2008 and I think that’s the mistake that what people in the GFC did is to say that the banks were untouchable and that is what is happening in crypto now.”

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