After experiencing a nice recovery in early May, Bitcoin (BTC) and Ethereum (ETH) have been undergoing a major pullback in recent weeks.
After rising above $82,000, the Bitcoin price fell below $70,000, and some market analysts are warning against further declines.
While market anxiety persists, Bitmine (BMNR) Chairman Tom Lee says that despite short-term weakness, the long-term outlook is as strong as ever.
Speaking on CNBC’s Squawk Box program, Tom Lee argued that the current decline is less a sign that the crypto bullish thesis has collapsed and more a result of investors “angrily withdrawing from the market.”
Lee described the current sell-off as a classic market bottom, saying it’s something that always happens at the end of a crypto winter.
Lee described Bitcoin and Ethereum as key components of the future financial system, especially as artificial intelligence continues to develop.
“My bullish thesis for Bitcoin and Ethereum remains absolutely unchanged. BTC and ETH truly are the future of money.”
At this point, Lee argues that instead of focusing on short-term price fluctuations, the long-term trend that continues to support both cryptocurrencies should be embraced.
Big bull Lee also commented on Mark Cuban, who recently sold all his Bitcoins because he believed Bitcoin did not provide protection against inflation and that gold was a better investment.
Lee, arguing that Mark Cuban has a point, said, “I think Mark is right, cryptocurrencies have been disappointing because they’re supposed to move with the stock market and rise with software. But software has really surged, while cryptocurrencies haven’t moved. So, there are people selling, having what I call an outburst of anger, as if something is going wrong.”
*This is not investment advice.
