Fundstrat analyst Tom Lee is present in a recent interview with CNBC bitcoin and cryptocurrency says its crisis is “not that different” from 2018.
Lee claims that some of the best projects were brought to life in the previous bear market.
He adds that the ongoing cryptocurrency winter is a “significant moment” for the industry as it has cleared many bad guys.
Lee believes cryptocurrencies will have lasting power because they will continue to be popular with people who value decentralization.
Tom Lee: “Nobody Made Money From Bitcoin and Cryptocurrencies in 2022”
However, Lee acknowledges that 2022 is a terrible year for crypto. “No one has made money in crypto in 2022,” the analyst said.
Lee predicted last December that Bitcoin would reach $200,000 by 2022. The Fundstrat analyst described this goal as “achievable” at the time and suggested that 2022 would be a “good year” for the biggest cryptocurrency.
Lee also does not rule out that 2023 could be a terrible year for Bitcoin if there are “more scams.”
However, if the FTX crisis is the ultimate test, industry leaders may emerge stronger from the ongoing crypto, similar to how banks like JPMorgan came out stronger from the global financial crisis in 2008.
Sam Bankman-Fried, the discredited founder of FTX, apologized to his former employees in a two-page letter obtained by CoinDesk.
*Not investment advice.
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