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Investing in Bitcoin still makes sense, says Tom Lee

Fundstrat’s head of research – Tom Lee – remains on Bitcoin-Bull and believes the asset could serve as a suitable investment vehicle for certain investors.

He added in a recent interview that the entire crypto industry had a terrible year, but he doesn’t expect the coming 2023 to be the same.

  • 2022 was indeed a bad year for crypto, with “bad” being quite an understatement. From the declines earlier in the year due to macroeconomic events to the implosion of Terra, which in addition to wiping out two top 10cryptocurrencies created a domino effect that eventually brought down countless industry participants.
  • The landscape took another turn for the worse in November when one of the former giants – FTX and its affiliated companies – imploded.
  • With rumors now questioning the state of Digital Currency Group and its subsidiaries, two of which are struggling crypto lender Genesis and Grayscale, whose largest fund is trading at a massive discount, the light at the end of the tunnel just isn’t shining to be Come.
  • However, Fundstrat’s Tom Lee believes next year should be better than this one. As such, his company has remained optimistic about the long-term future of the entire industry.
  • He compared the current downturn to similar events in 2018, noting that many of the big players were now developed during the previous bear cycle. In fact, he added that the above events were a “cleansing” moment for the industry.
  • As a result, he does not believe in the “crypto is dead” narrative and continues to advise certain investors who want a balanced one portfolio seek to allocate bitcoin

Source: Crypto News Deutsch

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