HomeBusinessCryptoCrypto Analyst Tommy Lee Changes His 2022 Bitcoin Prediction – This is...

Crypto Analyst Tommy Lee Changes His 2022 Bitcoin Prediction – This is What He Thinks Now

Tom Lee. Source: a video screenshot.

Top Wall Street strategist Thomas Lee, who can also be co-founder of Fundstrat Global Advisors, believes crypto will reemerge regardless of a lackluster efficiency in 2022. 

Lee, who appeared in a latest interview with CNBC, stated the present crypto bear market is nothing new. He famous that the crypto business skilled an identical meltdown again in 2018 when Bitcoin misplaced greater than 70% of its worth from all-time highs. 

“It has been a horrific year for crypto. Nobody has made money in crypto in 2022,” he stated. “But it is not that different from 2018. If we look back at that crypto winter when Bitcoin went from $17,000 to something around $1,200, that was the time when some of the best projects were created.”

Lee added that the present market downturn is “an important moment” for the business since it’s cleaning plenty of unhealthy gamers. He additionally careworn that he doesn’t suppose that crypto is lifeless. Instead, he’s satisfied that crypto can have endurance due to what it provides. 

When requested if he nonetheless recommends shopping for Bitcoin, Lee stated sure. “We first wrote about Bitcoin in 2017, and we recommended people put 1% of their funds into Bitcoin. At the time, Bitcoin was under $1,000. That holding today would be 40% of their portfolio without rebalance.”

Lee Remains Bullish on Bitcoin

When Lee’s Fundstrat printed its first report on Bitcoin again in 2017, the corporate predicted the flagship cryptocurrency might be price between $15,000 and $50,000 by 2022. 

That prediction has been largely true, with Bitcoin buying and selling close to the $50,000 mark initially of the yr and dropping to round $16,000 over the previous couple of days amid the collapse of FTX, as soon as the third-largest cryptocurrency change on this planet. 

Back in February, Lee shared an much more bullish prediction about Bitcoin, saying that the main cryptocurrency may surge to $200K within the following years. 

At the time, he argued that the rates of interest will trigger bond homeowners to lose cash sooner or later. As such, many American traders will allocate their capital to various belongings akin to cryptocurrencies, and that might gas bitcoin’s worth to $200,000.

“The biggest downside for crypto would be a vulnerability exposed in bitcoin, because it’s the most important blockchain and the one with the most value stored on it,” he stated.

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