Investing in bitcoin still makes sense, says Tom Lee

11/28 02:57

Fundstrat’s head of research – Tom Lee – remains a bitcoin bull and believes the asset could serve as a proper investment tool for certain investors. 2022 has indeed been a bad year for crypto, with ‘bad’ being quite the understatement. From the declines at the start of the year due to macroeconomic events to the implosion of Terra, which, aside from wiping out two top 10 cryptocurrencies, started a domino effect that ultimately took down countless industry participants. The landscape took another turn for the worse in November when one of the former giants – FTX and its associated companies – imploded. With rumors circulating now questioning the state of Digital Currency Group and its subsidiaries, two of which are the troubled crypto lender Genesis and Grayscale, whose largest fund trades at a massive discount, the light at the end of the tunnel just doesn’t seem to come. However, Fundstrat’s Tom Lee believes next year should be better than this one. As such, his company has remained optimistic about the overall long-term future of the entire industry.
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