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.
He added in a recent interview that the entire crypto industry had a horrific year, but he expects the upcoming 2023 will not be the same.
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.
He compared the current downturn to the similar events in 2018 and noted that a lot of the big-time players now were developed during the previous bear cycle. In fact, he added that the aforementioned events are a “cleansing” moment for the industry.
Consequently, he doesn’t believe the narrative that “crypto is dead” and still continues to advise certain investors, those looking for a balanced portfolio, to allocate funds to bitcoin
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