Tom Lee, director of analysis at Fundstrat, stated in a latest interview that he stays bullish on Bitcoin and sees the asset as an acceptable funding automobile for some buyers.

2022 has certainly been a nasty yr for cryptocurrencies, and calling it unhealthy could be an understatement. From the drop because of macroeconomic occasions firstly of the yr to Terra’s implosion, along with wiping out two prime 10 cryptocurrencies, it triggered a domino impact that in the end destroyed numerous business gamers.

Issues bought worse once more in November when one of many former giants, FTX, and its associates collapsed. Now that there are rumors questioning the standing of Digital Forex Group and its subsidiaries, two of that are troubled cryptocurrency lenders Genesis and Grayscale, whose largest funds are buying and selling at deep reductions, the sunshine on the finish of the tunnel doesn’t appear to be coming.

Nonetheless, Fundstrat’s Tom Lee thinks subsequent yr needs to be higher than this yr. Consequently, his agency stays optimistic in regards to the general long-term prospects for the business as an entire. As such, he doesn’t purchase the narrative that cryptocurrencies are useless and continues to advise sure buyers trying to steadiness their portfolios to allocate funds to Bitcoin.