Keep the faith – With the explosion of ftx and the empire of Sam Bankman-Friedthe crypto winter is in full swing, and the prices of Bitcoin (BTC) had not experienced such a fall since late 2018. In this storm, some seem to know stay focus long-term. The millionaire Tom Lee is thus firmly convinced that the king of cryptos retains all its interest despite the difficulties of the digital asset sector.
The bear market of 2022, “no worse” than that of 2018?
Tom Lee is a veteran of hedge funds. This millionaire is currently one of the leaders of the hedge fund Fundstrat. Suffice to say that he has a good knowledge of what can please the rich institutional investors.
Like each of us, Tom Lee finds that the year 2022 will have been ” terrible “ for crypto. Between the stablecoin UST and Terra (LUNA), Celsiusthe bottom 3AC and now FTX, difficult to say otherwise when you count the number of resounding failures. But the successful investor still wants to relativize the situation. bitcoin has déjà vu others bear markets in its previous financial cycles. Not to mention the beneficial aspect of the purge weaker and/or doubtful projects.
“No one made money in cryptocurrency in 2022, but it’s not that different from 2018. If we look at the crypto winter [précédent]when Bitcoin went from $17,000 to something like [3 200 $ en décembre 2018], that’s when some of the best projects were created. So I think this is an important moment for the sector. I think that cleans him out of a lot of bad players, and I think that’s important. »
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It “always makes sense” to invest in Bitcoin
In his interview with CNBC, the millionaire stay confident in the future and the value brought by Bitcoin. Tom Lee is also very speaking in his way of seeing the important and dangerous FUD (fear, uncertainty, doubt) that are being dealt to the cryptosphere, while it is already suffering enough severe blows, without needing to add more like this.
“Do I think cryptocurrency is dead? No, I think there are a lot of people throwing gasoline in a crowded theater and then shouting “Fire!” “. »
Tom Lee remains convinced that the decentralization and the assets specific to Bitcoin, and to certain projects in the sector, will continue to attract investors, especially institutional ones. Its investment recommendations therefore remain the same as in 2017:
“(…) in 2017, we recommended that investors put 1% of their funds in Bitcoin, back when it was below $1,000. This holding would now represent 40% of their portfolio without rebalancing. So, does Bitcoin still make sense (…)? Yes. »
Bitcoin has indeed seen others. However, before recovering, the crypto market will first have to to extinguish the fire, revived strongly by the FTX affair, after the fire of the UST and Terra last May. Because even very recently, BlockFi has just succumbed to a flashback of the empire of Sam Bankman-Fried: the service of lending so it was placed in chapter 11 bankruptcy the United States.
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