Wall Street Strategist: Crypto Mood ‘Terrible’ But ‘HODL Makes Sense for Bitcoin’
Head of Fundstrat Global Advisors Tom Lee stands firm on his feet, saying that the very worst of the sharp price drops could be ‘largely over’.
Tight Grasp on Reality
At the time of writing, Bitcoin is trading at a price of $7,538.19, marking a rough 6% decline in the last 24 hours.
“The mood in crypto is terrible right now” – Tom Lee wrote in a note on Wednesday as reported by Bloomberg, acknowledging the horrid feeling most crypto investors are having right now, as prices continue to free fall.
“Long-term holders are worried because they have big gains and they’re worried about falling prices,” adds the Bitcoin bull.
And while the current situation might not exactly be blooming, he remains entirely positive.
Pursuant to his previous statements, Lee maintains that Bitcoin, alongside other altcoins, might have actually drilled down to the bedrock of the market, having hit rock bottom already. The former JPMorgan Chase & Co chief equity strategist outlines one of the main reasons for holding on to your bitcoins:
“The reason ‘buy and hold’, or HODL, makes sense for Bitcoin is that a handful of days each year account for the bulk of gains for Bitcoin,” says Lee.
Going further, the expert holds that positive catalysts are expected for Bitcoin for the second half of 2018 as the regulatory hurdles are likely to be clarified.
Lee seems to share the position of David Drake, founder and chairman of LDJ Capital, who sees Bitcoin as “capital preservation” as Drake said earlier this week.
And while the prices are going on a rollercoaster, both experts seem definitively positive when it comes to the near future.
What do you think of Tom Lee’s statements? Leave us your thoughts in the comments below!
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