While the crypto market may currently be in the throes of a serious collapse, prominent Bitcoin bull Tom Lee has doubled down on his optimism for the future of digital currencies – according to the Fundstrat Global Advisors’ co-founder and chief analyst, now is, in fact, the “golden time” to get into crypto and stay there.
Speaking at BlockShow Asia 2018 in Singapore this Wednesday (November 28), Lee claimed that there are two reasons behind the crypto market crash of 2018.
Firstly, 2017 saw “parabolic gains” (Bitcoin skyrocketed up to $20,000), and 2018 is merely a “reversion to mean in terms of total performance”, given the fact that BTC (which is currently trading at around $4,000) was worth around $4,000 per token only last August. Therefore, the bear market has only just brought prices back to where they were before.
Secondly, the crypto market currently suffers from a flawed market structure. There are currently only two types of investors in the crypto market – the whales, and regular retail investors – and there is very little institutional investment in the...
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