Cryptocurrencies
Bitcoin Bull Tom Lee Says HODL On During Slumps for Big Gains
- Cryptocurrency seen being caught in ‘purgatory’ period
- Fundstrat maintains year-end target of $25,000 for Bitcoin
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Bitcoin advocate Thomas Lee is leaning on his years of experience as a stock analyst when warning cryptocurrency investors that they need to be patient in the wake of this year’s more than 40 percent decline.
“Market timing is generally discouraged in traditional equity investing,” Lee, the former chief equity strategist at JPMorgan Chase & Co., wrote in a note Wednesday. “If an investor missed out on the 10 best days (for S&P 500) each year, the annualized return drops to 5.4 percent (ex-10 best), from 9.2 percent. In other words, the case for buy and hold in equities is the opportunity cost of missing out on the 10 best days.”