Tom Lee, Fundstrat Global Advisors managing partner and head of research, joins ‘Squawk Box’ to discuss the latest market trends, why he expects stocks to draw-down at some point in the first half, inflation outlook, state of bitcoin, and more.
ACTUALLY STABILIZING AND IF WE GET LOWER INTEREST RATES, IT STABILIZES. >> DO YOU USE BITCOIN? I HAVE NO IDEA WHAT IT’S TRADING ON THE ETF, THAT WAS SOMETHING. YOU SAID POSITIVE THINGS ABOUT THAT MAYBE MORE PRINTING. MAN, I WAS THROWING OUT A NUMBER YOU SAID IT MIGHT BE STRONG FOR
THE REMAINDER OF THE YEAR. >> YEAH. >> I SAID 75 WHAT DID YOU SAY TO ME >> I THINK IT’S — IT COULD BE AS HIGH AS 150,000 THIS YEAR. >> SO DOUBLE WHAT I THOUGHT. >> 150,000 SO WE’RE TRIPLING AT THIS POINT. >> YEAH, BECAUSE YOU’VE GOT
DEMAND IMPROVING WITH THE ETF. AND IF MONETARY POLICY EASES, WHICH WE EXPECT, THAT’S SUPPORTISH OF RISK ASSETS. BITCOIN IS HOLDING UP. THAT’S WHY I DON’T THINK IT WILL DRAW DOWN SOON IT’S BEEN RALLYING THE LAST COUPLE OF WEEKS. >> WOW. >> YOU THINK THAT’S IN THE BANK?
>> THOSE ARE BIG NUMBERS I DON’T KNOW. >> ARE YOU IN THE — LET’S GO BACK ARE YOU IN THE CAMP OF THIS IS — >> YEAH, IT IS SOUND MONEY AND IT’S PROVING TO BE USEFUL. >> PROVING TO BE USEFUL HOW? IT’S VERY USEFUL IF YOU’RE AN
INVESTOR RIGHT NOW. >> YES IT’S BEEN A GREAT STORE VALUE, A GOOD RISK ASSET. IT’S ALSO INCREDIBLY SECURE. THERE HASN’T BEEN BEEN A SINGLE FRAUDULENT EFFORT SINCE INCEPTION. I DON’T THINK ANY BANK CAN SAY THAT 60% ARE SUSPICIOUS, 0 PERCENT ON THE — >> WHAT DID GEL SINGER SAY THE
OTHER DAY? >> IT’S ONE PIECE OF SOFTWARE. I WOULD TRUST THE PROOF. >> HERE’S THE FLIP SIDE OF THAT. YOU’VE HEARD FROM THE JAMIE DIE MONS OF THE WORLD. >> DESPITE HOW GOOD YOU SAID THE BLOCKCHAIN IS TO FIND WHERE THINGS ARE, IT IS THE MEDIUM OF CHOICE FOR RANSOMWARE.
I MEAN YOU CAN GO THROUGH THE LIST OF SORT OF TERRIBLE ILLEGAL BEHAVIOR PEOPLE IN THAT WORLD SEEM TO LOVE BITCOIN WHAT DOES THAT SAY ABOUT THIS? >> WELL, PIRATES WERE THE FIRST PEOPLE THAT LIKED GOLDENING SO WE KNEW GOLD WAS A GOOD STORE VALUE. BUT EQUALLY IMPORTANT — THE
DOLLAR IS USED IN MORE ILLICIT ACTIVITY. >> 99.9. >> JOE’S MADE THAT POINT BEFORE. YOU ASCRIBE NOTHING TO THE IDEA THAT BITCOIN IS A BELOVED CURRENCY FOR PEOPLE WHO LOVE TO DO NEFARIOUS THINGS. >> HERE’S A WAY TO THINK OF IT CRIMINALS DON’T TRUST ANYBODY. THEY TRUST EVERYTHING.
>> IT’S LIKE SAYING YOU FOLLOW THE TECHNOLOGY THAT STARTS WITH P-O-R-N, RIGHT LIKE VIDEOTAPES AND THIS AND THAT. >> IT’S LIKE BLAMING THE OBJECT ITSELF FOR THE ANY NAIROUS BEHAVIOR WHEN IT’S HUMANS USING IT COULD YOU IMAGINE THE WORLD OF PAIN MANAGEMENT WITHOUT STRONG PAIN MEDICINE?
YOU TAKE A TRUCK OR UTILITY. >> THIS IS THE DIFFERENCE. I WILL TAKE GENTZLER’S SIDE. A CAR HAS IMMENSE VALUE TO SOCIETY, ECONOMIC VALUE TO SOCIETY. >> WHY DOES IT RESONATE WITH YOU — >> YOU COULD ARGUE STRONG I LE KNOLL HAS A VALUE — >> IN THE HISTORY OF THE WORLD,
IF 99% OF THE NEFARIOUS ACTIVITIES WERE USED IN DOLLARS, WHY DON’T YOU HAVE THE SAME NEGATIVE VIEWPOINT TOWARD THE DOLLAR >> BECAUSE IT HAS A GREAT UTILITY IN THE SAME WAY A CAR DOES. >> JUST BECAUSE YOU DON’T APPRECIATE THE BITCOIN DOESN’T MEAN OTHERS —
>> THE ONLY PEOPLE WHO APPRECIATE IT IS YOU. >> THAT’S NOT TRUE >> YOU APPRECIATE THE STORE VALUE. STORE VALUE, IT WOULD STAY ONE PRICE. >> NO, NO. GOLD WAS $300 NOT TOO LONG AGO NOW $2,000 IT’S NOT THE SAME. IT GOES UP AS YOU PRINLT MORE MONEY.
>> IT TURNED OUT TO BE A GREAT INVESTMENT FOR THOSE INVESTING IN IT. I’M SAYING LONG TERM IF WE’RE ALL — >> TOM, YOU’RE HERE. EXPLAIN HOW IT’S SOUND MONEY IT’S SOUND MONEY. >> I UNDERSTAND — IT’S NOT THAT I DON’T UNDERSTAND CONCEPTUALLY WHAT’S GOING ON HERE.
>> WHY DO YOU SAY IT HAS NO USE THEN OTHER THAN NEFARIOUS USE — >> NO, NO. I THINK THE USE CASE IS A SPECULATIVE TOOL AS A WA
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46 Comments
Let Tom speak, you guys are both dumb asses
I'm glad they gave Tom a few seconds to speak, because he said all that needed to be said.
its a trend, young people love tyranny.
Tom Lee I just want to believe that this is true, because I want to sell one of my old houses and invest it into Bitcoin. I have heard that bitcoin will rise this year and it is better to trade with a financial advisor. That mining bitcoin is complicated.
Blockchain is slow and cumbersome and is already outdated . Layer 2 etc are more players, making it more unsecure as more and more boltons are added ……….and who is accountable
Tom, Tom is the man!
How much will gold be if they cut rates because they can.
Buffoon!
The 3 stooges
This is awesome
sound money is when you drop it and it makes a sound when it hits the floor.
Lee in 2021: "BTC will hit $100K by end of year". Lee in early 2022: "BTC will hit $100K by end of year". Lee in 2024: "BTC will hit $150K" while Joe fights to defend the indefensible "asset".. Like music to the ears of the shorts.
Crypto is the best future where people makes money and generate good returns.
150k is very realistic
You can see Sorkin spinning his wheels. He’ll soon understand the monumental utility of finite money
Tom spoke for like 60 seconds and then the hosts starts fighting about what Bitcoin's is.
Common Andrew..If you sit on CNBC business morning for a decade and can't rationally talk about bitcoin then there is no hope for you. You have had every expert pro and against bitcoin. At this point all we can do is 'lead you to water but can't make you drink'
Any of these guys that have been in financial media for YEARS and still feign ignorance towards Bitcoin are bad actors. They are here to confuse the public, keep the headline mouth-breathers typing in the comments and steal the greatest chance you've ever had at obtaining wealth. You should be watching this for entertainment only.
Andrew is looking very dumb here
Seems like when I try to explain Bitcoin to my grand father for the 10th time and he is still struggling to see the potential in 2024 🙂 150k is nothing.. will be easy 500k-1M if not this cycle to the next halving in 2028
"goat"
gōt
noun
-A domesticated ruminant mammal (Capra hircus) having backward curving horns and a beard in the male, raised for its wool, milk, and meat.
-Any of various wild ruminant mammals of the genus Capra and related genera, including the ibexes and the wild goat (C. aegagrus) of Eurasia.
-TOM LEE
Another use case of bitcoin is the ability to send money. I used to send dollars to Nigeria, and they recently blocked Dollars being transferred into the country. Having bitcoin and another currency I can send is great.
I remember Tom said the same in 2022. But it might happened this year though.
So, Bitcoin's been on snooze mode lately, ever since the whole Bitcoin ETF buzz started. It's like it hit pause – waiting to see what's gonna happen next. Crypto drama at its finest, Cheers Tom.
Rat poison squared.
Tom cracks me up! He said, "criminals don't trust anybody, but they trust Bitcoin to hold their money" 😂😂
Andrew will hate bitcoin to infinity.
You can tell that host thinks he’s the smartest guy on the panel when he is in truth the idiot 😂
Just let Tom say, I don't want to listen to other guys.
BTC TO THE MOON!
Let tom talk
Andrew… you sound like Tucker Carlson here. Go back and re watch this to see your approach. You’re harming the integrity of this show.
Bitcoin is going to save us plebs
it will go much higher than 75. it was 75 last bull run. look at the charts
Tom probably saying to himself, why did I come here….
fascinating conversation playing out here
Bitcoin on the moon 🚀🚀
the anchor is dumb
Sorkin is a being a speculative tool
"Pirates were the first people that liked gold." –Tom Lee 😂
Damn let Tom Lee talk, damn it
Sorkin is blind to his biases
How long did criminals use the dollar ??? Come on now let’s get over this BS !!! Time to move on let’s stop with the criminals and their relation with bitcoin/cryptocurrency
The dude referencing Jamie Diamond and Elizabeth Warren and spouting their fud and the establishments talking points is an absoulute joke. I can smell a weasel a mile away.
Hahahaha nan these dudes are morons. They have been wrong for years get with the times you fools
Tom must be wondering: Are u guys interviewing me or are u guys interviewing each other??? LOL