Tom Lee: The Crypto Bull Run Is About To Go F**king Crazy
Summary
TLDRCrypto expert Tom Lee predicts a significant Bitcoin rebound in the second half of the year, as the major overhang from Mt. Gox's distribution in July is expected to dissipate. Despite the current collapse, Lee maintains a bullish outlook, with Bitcoin adoption growing globally, highlighted by Sony's launch of a crypto exchange. Ethereum aims to enhance transaction speed with Vitalik Buterin's proposal for single-slot finality, while Polka Dot's potential ETF and Bonsai's token upgrade further bolster the crypto landscape. Lee's end-of-year Bitcoin target remains at $150,000, emphasizing the asset's historical performance spikes within a few key days annually.
Takeaways
- 📉 Bitcoin is expected to rebound sharply in the second half of the year, according to Fun Strat's head of research, Tom Lee.
- 💡 The disappearance of a significant overhang, Mount Gox distributions starting in July, is a reason to anticipate a price increase for Bitcoin.
- 💻 Sony is launching a Bitcoin and crypto exchange in Japan, which is seen as a sign of mass adoption in the crypto space.
- 🚀 Ethereum is looking to speed up transactions by potentially reducing L1 confirmations to milliseconds, aiming to compete with faster blockchains like Solana.
- 💼 Tom Lee has updated his Bitcoin forecast for the rest of 2024, maintaining a bullish stance despite recent volatility.
- 📈 The S&P 500 is expected to continue its upward trend, with earnings estimates for the end of the year being revised upwards.
- 💰 The end of the year may be a 'Day of Reckoning' for those holding cash, as the potential for stock market gains is significant.
- 🔑 Polka Dot's potential ETF is getting closer with the application for Polka Dot Futures, indicating a growing interest in crypto derivatives.
- 🚫 Dave Portnoy warns against investing in new meme coins, emphasizing the risks of getting 'rug pulled' and advocating for Bitcoin as a safer choice.
- 🌐 Bonsai, a platform for building no-code solutions in web3, is launching an improved token with enhanced utility and a one-to-one swap for existing tokens.
- 📊 Tom Lee's updated Bitcoin target for the end of the year remains at $150,000, despite recent market fluctuations.
Q & A
What is the expected impact of the Mount Gox distribution on Bitcoin's market in July?
-The Mount Gox distribution, which is set to unload $9 billion of coins starting in July, was a significant overhang for Bitcoin's market for many years. However, with this overhang expected to disappear, Tom Lee, Fundstrat Global's head of research, suggests that this could lead to a sharp rebound in Bitcoin's value in the second half of the year.
What does Tom Lee predict for Bitcoin's price by the end of 2024?
-Despite the recent fluctuations, Tom Lee maintains his bullish stance on Bitcoin and predicts a sharp rebound, suggesting that the price could reach $150,000 by the end of 2024.
What is the significance of the S&P 500's performance for the rest of the year according to Tom Lee?
-Tom Lee expects the S&P 500 to continue its upward trend, with earnings potentially being higher than initially anticipated. He suggests that the end of the year could be a 'Day of Reckoning' for those holding cash, as the S&P 500 might rise significantly, outperforming the returns of cash holdings.
What is Sony's plan regarding the crypto space, and how could it impact the market?
-Sony plans to launch a Bitcoin and crypto exchange in Japan by revamping the local trading platform 'whalin', which it acquired last year. This move is seen as a step towards mass adoption of cryptocurrencies and could potentially boost the market, especially for gaming and NFTs, as Sony also filed a patent for more flexible use of NFTs in games.
What is the proposal by Ethereum co-founder Vitalik Buterin to improve the Ethereum network?
-Vitalik Buterin has proposed a change to Ethereum's confirmation system to reduce transaction times from a few seconds to milliseconds. This would involve moving away from the current Epoch and Slot mechanism to a single slot finality system, which could make Ethereum more competitive with other blockchains like Solana.
What is the potential development for Polkadot that could impact its market value?
-There are indications that a Polkadot ETF might be in the works, as Coinbase has applied for Polkadot Futures. Although this is not a Polkadot ETF, the application to the CFTC for a cash-settled and margined contract could be a precursor to an ETF, which could significantly impact Polkadot's market value.
What is the stance of Dave Portnoy on the recent trend of launching personal meme coins?
-Dave Portnoy warns against the trend of launching personal meme coins, suggesting that they are often money grabs and could lead to investors getting 'rug pulled'. He advises caution and emphasizes that only Bitcoin should be considered for investment.
What update is Bonsai introducing for its platform and token?
-Bonsai is launching an improved version of its platform and token. The seed token is transitioning to a new multi-chain token called 'Bay', powered by Layer Zero Labs. This new token will have enhanced utility and will be the primary utility token within the Bonsai ecosystem.
What is the significance of the '10 best days' in Bitcoin's annual performance?
-According to Tom Lee, Bitcoin makes most of its gains within just 10 days each year. If those 10 best days are removed, the annual return on Bitcoin is negative, highlighting the importance of these days for investors.
What advice does Tom Lee give to investors who are hesitant about investing in Bitcoin?
-Tom Lee advises investors not to be swayed by short-term fluctuations and to consider the long-term potential of Bitcoin. He suggests that the disappearance of the Mount Gox overhang could be a catalyst for a significant price increase in the second half of the year.
What is the promotion for Bitcoin Nashville, and how can one avail of it?
-There is a promotion for Bitcoin Nashville, offering a 10% discount on tickets using the code 'altcoin daily'. The promotion is available for a limited time, with only four days remaining before ticket prices increase.
Outlines
📈 Anticipated Bitcoin Rebound Post-Mount Gau Overhang
Fun Strat's head of research, Tom Lee, forecasts a significant rebound for Bitcoin in the second half of the year, driven by the resolution of the long-standing Mount Gox distribution issue. The distribution, which has been a major overhang since the 2014 hack, is set to conclude in July 2024. Despite the market having already priced in this event, Lee believes that the removal of this overhang will lead to a sharp increase in Bitcoin's value. He also discusses the potential for the S&P 500 to rise further, with earnings estimates for the year being revised upwards. Lee anticipates a continued expansion of the economy and advises against holding onto cash in light of the strong market performance. Additionally, he touches on the broader adoption of Bitcoin, with major companies like Sony entering the crypto exchange market, and the potential for Ethereum to become faster and cheaper with proposed upgrades.
🚀 Ethereum's Speed Enhancements and the Growing Crypto Ecosystem
The script discusses Ethereum co-founder Vitalik Buterin's proposal to enhance the speed of transactions on the Ethereum network, aiming to reduce confirmation times from seconds to milliseconds, thereby making it competitive with other blockchains like Solana. This comes on the heels of the Ethereum merge in 2022, which already significantly reduced transaction confirmation times. The narrative also includes the anticipation of a Polkadot ETF, as Coinbase has applied for Polkadot Futures, a step often seen preceding the approval of an ETF. Furthermore, the script addresses the launch of a new token by Bonsai, which aims to provide no-code solutions for Web 3.0 and AI, with the transition from the seed token to a new multi-chain token called 'Bay'. Lastly, Tom Lee reiterates his bullish stance on Bitcoin, suggesting that despite recent volatility, the cryptocurrency is poised for substantial gains, especially considering the potential removal of the negative impact of the Mount Gox distribution.
Mindmap
Keywords
💡Bitcoin
💡Mount Gox
💡ETFs
💡Rebound
💡Tom Lee
💡S&P 500
💡Sony
💡NFTs
💡Ethereum
💡Polkadot
💡Bonsai
Highlights
Bitcoin is expected to have a sharp rebound in the second half of the year according to Fun Strat Global's head of research, Tom Lee.
The collapse of Bitcoin exchange Mount Gau and the distribution of $9 billion of coins starting in July was a significant overhang for many years.
The market has priced in the impact of Mount Gau's distribution, but with the overhang expected to disappear, this could lead to a positive shift in Bitcoin's value.
Tom Lee has set a new target for Bitcoin by the end of the year, suggesting a significant price increase is possible.
The S&P 500 is expected to continue its upward trend, with earnings potentially higher than initially anticipated.
The end of the year may be a 'Day of Reckoning' for those holding cash, as the S&P 500's performance could outpace cash returns significantly.
Sony is launching a Bitcoin and crypto exchange, indicating mass adoption and a significant step towards mainstream cryptocurrency integration.
Ethereum co-founder Vitalik Buterin proposes a system to speed up transactions, potentially making Ethereum more competitive with other blockchains like Solana.
Polka dot's potential ETF is gaining traction as Coinbase applies for Polka dot Futures, signaling a move towards more traditional financial product offerings.
Bonsai, likened to WordPress for web 3, is launching an improved token and platform, enhancing usability and utility in the web 3 ecosystem.
Tom Lee maintains his bullish stance on Bitcoin, suggesting a target of $150,000 despite recent volatility.
Bitcoin's historical pattern shows most of its gains occur within 10 days each year, emphasizing the importance of timing in investment strategies.
The transcript discusses the potential for a significant price rebound in Bitcoin due to the resolution of the Mount Gau issue.
Tom Lee's updated Bitcoin forecast for the rest of 2024 includes a continued bullish outlook despite recent market challenges.
The discussion around the S&P 500's performance highlights the potential for stock market gains to continue building on first-half successes.
The potential for Ethereum to become faster and cheaper through proposed upgrades could enhance its competitive position in the blockchain space.
The mention of a potential rug pull in the crypto space serves as a cautionary tale for investors, emphasizing the need for due diligence.
Transcripts
that's right bitcoin's probably
suffering from the mount gaau you know
starting distributions in July that was
a huge overhang for many years but if I
was invested in crypto knowing that one
of the biggest overhangs is going to
disappear in July I think it's a reason
to actually expect a pretty sharp
Rebound in the second half fun Strat
Global's head of research Tom Lee says
Bitcoin to have a pretty sharp Rebound
in the second half of the year we
obviously know today collapsed Bitcoin
exchange Mount Gau about to unload $9
billion of coins starting in July it was
back in 2014 The Exchange got hacked
there was over 20,000 creditors the long
legal process has taken 10 years and
while this was announced this was
happening back here and thus the market
priced it in the institutions via the
ETFs have still been buying and now with
bitcoin news ethereum upgrades altcoin
news you need to see watch today's whole
video as we uncover Tom ley's next price
targets for Bitcoin by the end of this
year it's July 1st you have a new Target
for the end of the year and let's
actually start with traditional markets
Tom Le expects the S&P 500 to keep going
up I think the end of this year will be
the Day of Reckoning for those who are
still sitting on cash the S&P earnings
might even be above what you thought yes
I I think that now that we're at the
midyear um 2025 earnings look a lot
stronger than we thought at the start of
the year we thought maybe 260 it's
probably closer to 275 maybe 280 even
285 and I think the multiple we thought
originally could be 20 times that number
for next year but given the FED has more
reasons to be dovish and I think maybe
the employment picture is softening PE
multiples actually could be higher next
year so I'd say between now and your end
stocks should be higher I mean we've had
a strong first half already and second
half won't be as strong as the first
half but we should build upon those
gains so yeah it looks pretty good so if
the S&P 500 is around
5,400 today and we have half the year
remaining where will this be in 6 months
a little bit more than
20% Which would be after last year's 24
24 that's a couple years no one really
expected I don't think that that's right
I mean that's painful for people who've
been sitting in cash for 2 years earning
5% because they missed out on a 50% gain
and that's 10 years worth of sitting on
cash so I think the end of this year is
a little bit of a Day of Reckoning for
those who said oh I'm I'm happy with my
6 trillion in cash earning 5% when in
reality unless the economy is rolling
into recession you know the expansion
continue for some time and now what is
Tom ley's up updated Bitcoin forecast
for the rest of 2024 you know that my uh
insecurity about crypto but first just
understand that the space in general
globally is evolving just in $13 billion
Sony to launch Bitcoin and crypto
exchange this is mass adoption it's
taking place today Sony gets ready to
launch crypto Exchange in Japan with
acquired Amber platform so actually they
are revamping an old exchange which they
now own Japan's multi-industry
conglomerate Sony is getting ready to
launch a crypto exchange subsidiary by
revamping local trading platform whin
which it acquired last year whalin has
been renamed to s. blocks Co which plans
to collaborate with Sony's group's other
businesses to generate additional value
for its crypto trading Services yet if
you're invested in Bitcoin this is huge
and for gaming and for nfts you may
remember the PlayStation maker also
filed a patent last year for more
flexible use of nfts as in-game assets
that it dubbed super fungible tokens so
Bitcoin is not shrinking Bitcoin
adoption globally is growing and
ethereum news vitalic butan proposes
faster ethereum trades with single slot
finality so the ethereum main chain to
become fast faster and cheaper maybe
compete with Solana ethereum co-founder
vitalic Butrin is looking to speed up
transactions on the ethereum network by
using tools that would potentially cut
L1 confirmations from a few seconds to
now milliseconds now this has just been
proposed it has not been passed yet but
what vitalic stated he proposed moving
away from ethereum's current Epoch and
Slot mechanism to a single slot finality
system and if that sounds too confusing
just understand according to buttin the
ethereum merge which happened back in
2022 has reduced L1 transaction
confirmations to now just 5 to 20
seconds that is roughly competitive with
the experience of paying with a credit
card well they're not trying to compete
with credit cards anymore they're trying
to compete with blockchains like Solana
and in a direct quote there is value in
improving user experience further and
there are some applic ations that
outright require latencies on the order
of hundreds of milliseconds or even less
so if you hold ethereum you like this
update on polka dot now this news we
alerted you the other day ETF getting
closer every day polka dot is inevitable
the reason people suspect a polka dot
ETF is because coinbase applied to have
polka dot Futures the polka dot Futures
Contract will be a monthly cash settled
and margined contract with the following
specs they have applied directly to the
cftc and while this by itself is not an
ETF it's not polka dot settled it's just
cash settled these were the steps that
we saw before the Bitcoin ETF bar stool
founder Dave pornoy continues to speak
about Bitcoin to his millions of
followers do not cry to me if you get
rug pulled in any crypto like I did with
safe moon now in this specific question
he was commenting on YouTube personality
Steve will do it who just launched his
own memec coin what I realized is that
the crypto community and the entire
Twitter needs a hero in my opinion
expect something like this to go to zero
in my opinion something like this is
just a money grab I am going to be the
hero I'm going to be the hero for X for
the crypto Community I swear to God
money over legac or Jesus Christ Legacy
over
money of course to be fair I'd love to
talk to Steve invite Steve for
conversation if he really believes in
this Steve will do itz crypto hero be
another rug I I didn't know he had that
I the only crypto anybody should be
involved in is spelled bit t c i n I've
learned that the hard way if you want to
try to make quick bucks do not cry to me
if you get rug pulled in any crypto like
I did was safe Moon you have to know
you're probably getting rug pulled going
in it's all upon pon scheme only Bitcoin
but either way cool to get the media
attention for Bitcoin big news for
Bonsai which is like the WordPress for
web 3 building no code solutions to
create your own AI rwa tokens the news
today is this big update we're launching
a new and improved bonsai3 token our
seed token is transitioning to Bay a new
multi-chain token powered by layer zero
Labs with a new ticker name and enhanced
utility the new bay token will be the
utility token of our ecosystem and rest
assured there will be a onetoone token
swap seed for Bay and the maximum Supply
will always remain the same at the same
1 billion tokens across all layers zero
inflation so enhanced utility usability
and an upgrade for the bons I3 platform
and finally as fun strats Tom Lee is
gearing up for that sharp rebound for
the rest of 2024 what is his updated
Bitcoin Target you know that my uh
insecurity about
crypto manifested itself again in my
feet of clay because I said Tom Le is
going to be absolutely right about the
5500 why is he still saying 150 for
Bitcoin why do that why not just focus
on stock don't stick your neck out
because it was falling below 60,000 now
it's back to almost 63,000 so that 6
trillion we just talked about that sort
of plays in into your Bitcoin thesis
that's right bitcoin's probably
suffering from the mount gaau you know
starting distributions in July that was
a huge overhang for many years but if I
was invested in crypto knowing that one
of the biggest overhangs is going to
disappear in July I think it's a reason
to actually expect a pretty sharp
Rebound in the second half so I think
you know 150 is still within it's
already July 1st so that's that's so
you're not taking that off the table
that's still a possibility that's right
and you know one thing keep in mind
Bitcoin makes most of its gains within
with 10 days every year if you take out
the 10 best days in a single year
Bitcoin actually has negative returns
and if you're looking to hang out have a
beer use code altcoin daily for 10% off
your tickets to bitcoin Nashville only 4
days remaining until ticket prices go up
so link down below use code altcoin
daily see you tomorrow
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