Tom Lee, director of research at Fundstrat, said in a recent interview that he remains bullish on Bitcoin and sees the asset as an appropriate investment vehicle for some investors.
2022 has indeed been a bad year for cryptocurrencies, and calling it bad would be an understatement. From the drop due to macroeconomic events at the beginning of the year to Terra’s implosion, in addition to wiping out two top 10 cryptocurrencies, it triggered a domino effect that ultimately destroyed countless industry players.
Things got worse again in November when one of the former giants, FTX, and its affiliates collapsed. Now that there are rumors questioning the status of Digital Currency Group and its subsidiaries, two of which are troubled cryptocurrency lenders Genesis and Grayscale, whose largest funds are trading at deep discounts, the light at the end of the tunnel does not seem to be coming.
However, Fundstrat’s Tom Lee thinks next year should be better than this year. As a result, his firm remains optimistic about the overall long-term prospects for the industry as a whole. As such, he doesn’t buy the narrative that cryptocurrencies are dead and continues to advise certain investors looking to balance their portfolios to allocate funds to Bitcoin.