Tom Lee: The Deleveraging Behind Bitcoin’s Drawdown

Solid question!!! asked things that i exactly wanted to know from Tom lee.

Tom's BMNR pin is upside down. Ominous.

Tom's ability to make guesses is just that.

I always enjoy listening to Tom Lee talk about bitcoin but I sold the last of mine last year when it hit $100k to lock in profits. I thought $100k was a good psychological level, and maybe I’d buy it back if it crashed again. I listen to people talk about macro factors and technical factors that could push the price higher and in the end, you just have to wait for a crash, draw good old fashioned trend lines on a chart, look for major support areas, and buy it back.

I've learned that no ones knows - and I learned that 30 years ago. What I also know is that cycles are real and they tend to repeat. As such I think BTC will need to go lower before we get to the start of the next cycle.

How much revenue is Ethereum making a day? If you want to value Ethereum as a stock, does the market cap and revenue justify the valuation? Ethereum is just one of many blockchains, Blackrock also creating theirs, so what stops everyone from creating their own proof of stake chains? All proof of stake chains are just companies. 90% of Ethereum activity is on layer 2s, and little or no revenue trickling down to the ETH main chain.

Crashing? Better question is why was it worth $120,000? Unique digital currency? There are over 10,000 other crypto that can be called that.

You should have heeded Charlie Mungers warning that crypto is “ TOXIC WASTE SQUARED”!!

tom's BMNR suit pin is hanging upside down because we are in a bear market :(

So crypto only went up so high because of insane leveraging. I.e not real buying! So that really does question the high predictions it always gets.