Billionaire Tom Lee: “Bitcoin investment still makes sense”

If it is up to Tom Lee of Fundstrat, investing in bitcoin is still a logical choice. A balanced portfolio is a must according to Lee still contain some bitcoin (BTC), the investor said in an interview with CNBC. You may know Lee from his predictions of a $200,000 bitcoin price for 2022.

Always optimistic about bitcoin

While Lee acknowledges that the year 2022 has been dramatic for the industry, he also sees positive developments. In any case, he believes that 2023 will be a better year for bitcoin than the year 2022. Also in the long term, Lee and his Fundstrat are still optimistic about the future of the entire industry.

Speaking to CNBC, Lee compares current events to 2018, citing, among other things, that many of today’s major players were “born” during the 2018 bear market. He also sees the current crypto winter as a moment for the industry to clean itself up.

He has a point with that last one. The fact that a platform like FTX falls over seems like a bad development at first sight, but one should not forget that they sold a lot of ‘paper bitcoin’. Users had 70,000 ‘bitcoin’ at FTX, which eventually turned out not to be present in the wallets at all.

Crypto is not dead

The optimistic Lee therefore does not believe in the statements that crypto is now dead. After all, we have heard that so many times and every time bitcoin comes out stronger. For investors looking for a balanced portfolio, he still recommends an allocation to bitcoin.

Lee does not say exactly how large that allocation should be, but it seems certain that he still has confidence in bitcoin. Somehow it is also a miracle that despite all the events in 2022, bitcoin is still at the current price of $ 16,100.

We are still facing dramatic macroeconomic conditions. In May, we had to deal with the implosion of Terra, which subsequently caused the collapse of several funds and, as icing on the cake, the FTX scandal.