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Tom Lee, the head of Bitmine, the largest Ethereum (ETH) treasury company, remains bullish despite all the recent declines.
At this point, Tom Lee, who maintains a bullish outlook for Bitcoin (BTC), Ethereum, and cryptocurrencies, predicted when cryptocurrencies would start to rise.
Lee predicts that cryptocurrencies have been overshadowed by gold and silver, which have been hitting record highs, but that a rebound will occur after the rally in precious metals stalls.
Speaking on CNBC’s Power Lunch program, Lee said that cryptocurrencies would recover when the rise in gold and silver prices stalled.
Lee predicted that as long as gold and silver prices rise, investors driven by FOMO (fear of missing out) will focus on precious metals and move away from Bitcoin and cryptocurrencies.
However, Lee noted that historical examples show a drop in gold and silver prices would lead to an increase in Bitcoin and Ethereum prices.
He also emphasized that the current strong performance in precious metals is preventing cryptocurrencies from being accurately assessed based on their fundamentals.
The renowned bull also stated that cryptocurrencies would rise if the dollar weakens and the Fed pursues an easing policy.
“As long as gold and silver continue to rise, there will be a ‘fear of missing out’ (FOMO) on buying them instead of cryptocurrencies.”
Because historically, a decline in the value of gold and silver has led to a subsequent rise in Bitcoin and Ethereum.
*This is not investment advice.