Wall Street Increasingly Invests in Crypto, Says Bitmine’s Tom Lee
Tom Lee, co-founder of Fundstrat and chairman of Bitmine Immersion, suggests the current crypto market rally may not be fully recognized as legitimate, which could lead to further gains. Key points include:
- Lee describes the recent rebound in crypto and equities since April as "the most hated V-shaped bounce in history."
- Market reactions to early-month tariff announcements led to predictions of a recession, causing investors to avoid riskier assets.
- Lee notes that traditional finance is increasingly investing in crypto, with Ethereum (ETH) favored for its legal clarity and reliability.
- Bitmine currently holds 625,000 ETH and nearly $2.8 billion in assets, with plans for a $1 billion share buyback and a goal to acquire 5% of the ETH supply.
- Lee predicts Bitcoin (BTC) could rise to $250,000 if there are Federal Reserve rate cuts.
- He values ETH at $15,000 based on network fundamentals, citing underappreciated institutional adoption.
- Lee believes the market is still mid-cycle, indicating potential for further growth.