Thomas Jong Lee is an American entrepreneur, analyst, investor and businessman with over 25 years of Wall Street experience. Not long ago, this big name on Wall Street predicted a Bitcoin price of $ 200,000 for the year 2022. At the time of writing, the year 2022 is almost over and we have to make do with a Bitcoin price of $ 16,500.
What does Lee say now?
In a recent interview with CNBC Lee says that the current crisis in the industry is not much different than that of 2018. The successful investor claims that the previous bear market was a period in which some very good projects were put in place. “The crypto winter is an important time for the industry as many bad projects disappear,” Lee told CNBC.
Unlike Dan Dolev from Mizuho’s, Lee doesn’t think crypto is dead now. Lee believes the technology will continue to hold value for people who appreciate decentralization. In fact, he says he continues to encourage people to buy Bitcoin despite the implosion of FTX. However, Lee’s predictions of a Bitcoin price of $200,000 have failed miserably.
Dramatic year for crypto
The year 2022 has turned out to be a dramatic year for crypto. “No one has made money in the crypto industry in 2022,” the analyst said. In December 2021, he predicted a price of $ 200,000 for this year. Now he indicates that 2023 could also be a dramatic year for Bitcoin if it turns out that there is more fraud.
In that respect, he is therefore slightly turned when it comes to the course. Perhaps he is now completely wrong again and 2023 will be a blast for Bitcoin. According to Lee, the implosion of FTX is the ultimate stress test for the industry. If it manages to survive this, there is little that can really break Bitcoin. Lee seems to have a good point there. Only if even larger players such as Coinbase and Binance fall over after this, a bigger problem can arise.