Tom Lee: The Crypto Bull Run Is About To Go F**king Crazy

Summary

Crypto 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

00:00

📈 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.

05:02

🚀 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.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency that operates without a central bank or single administrator. It is the largest of its kind and has been a subject of significant interest due to its potential for high returns and volatility. In the video's theme, Bitcoin's potential rebound is discussed as a positive outcome following the resolution of a major overhang, Mount Gox's distributions starting in July. The script mentions Tom Lee's prediction of a sharp rebound in the second half of the year for Bitcoin.

💡Mount Gox

Mount Gox was a major Bitcoin exchange that was hacked in 2014, resulting in the loss of over 20,000 creditors' Bitcoins. The legal process following the hack has been lengthy, and the distribution of the remaining Bitcoins starting in July is seen as a significant event that could impact the Bitcoin market. The script discusses how the resolution of this overhang could lead to a rebound in Bitcoin's value.

💡ETFs

ETFs, or Exchange-Traded Funds, are investment funds that are traded on stock exchanges, similar to individual stocks. They are often used by institutions and retail investors to gain exposure to a diversified portfolio of assets. In the context of the video, ETFs are mentioned as a means by which institutions have continued to invest in Bitcoin, despite the overhang caused by Mount Gox.

💡Rebound

In financial terms, a rebound refers to a recovery or increase in value after a period of decline. The script discusses the expectation of a 'sharp rebound' in Bitcoin's price in the second half of the year, suggesting that the resolution of the Mount Gox situation could lead to a significant increase in Bitcoin's value.

💡Tom Lee

Tom Lee is the head of research at Fundstrat Global and is known for his analysis and predictions in the cryptocurrency space. The script mentions his forecast for Bitcoin to experience a sharp rebound by the end of the year, highlighting his influence and expertise in the field.

💡S&P 500

The S&P 500 is a stock market index that measures the performance of 500 large companies listed on stock exchanges in the United States. It is often used as a benchmark for the overall U.S. stock market. In the script, Tom Lee's expectations for the S&P 500 to continue its upward trend are discussed, indicating a positive outlook for traditional markets.

💡Sony

Sony is a multinational conglomerate known for its electronics, gaming, entertainment, and other technology products. The script mentions Sony's plans to launch a Bitcoin and crypto exchange in Japan, which is a significant step towards mass adoption of cryptocurrencies and a sign of the growing global interest in digital assets.

💡NFTs

NFTs, or non-fungible tokens, are unique digital assets that represent ownership of a particular item or piece of content on the blockchain. They have gained popularity in the art and gaming industries. The script refers to Sony's interest in NFTs, particularly with their filing of a patent for 'super fungible tokens' to be used as in-game assets.

💡Ethereum

Ethereum is a decentralized, open-source blockchain that features smart contract functionality. It is the network on which many decentralized applications (dApps) and cryptocurrencies are built. The script discusses Ethereum co-founder Vitalik Buterin's proposal to speed up transactions on the Ethereum network, which could make it more competitive with other blockchains.

💡Polkadot

Polkadot is a blockchain protocol that allows for the transfer of data and assets across different blockchains. The script mentions the possibility of a Polkadot ETF, which would be a significant development for the cryptocurrency market, indicating growing mainstream acceptance and investment opportunities.

💡Bonsai

Bonsai is described as a 'WordPress for web 3,' providing no-code solutions for building on blockchain platforms. The script discusses an update to Bonsai's token, which will transition to a new multi-chain token with enhanced utility, reflecting the ongoing development and innovation in the blockchain space.

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

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daily see you tomorrow