Tom Lee, from bitcoin bull to bitcoin bagholder

[bbc.reporter]

When it came to Tom Lee, nothing negative would convince him from abandoning his end of the year prediction of bitcoin reaching $20k - $25k. A new high.

In this article, he was quoted singing a different tune. Has our bitcoin bull transformed into a bitcoin bagholder? The psychological change is very clear. He is also human after all hehehe.

In any case, I agree in his new sentiment. It might be a perfect time to start buying again.



Bitcoin is not dead, and the best investment opportunities arise when the picture is not bright. This is how Tom Lee, Co-founder of Fundstrat and expert analyst of the crypto markets thinks.

According to Lee, the current value of Bitcoin represents an excellent buying opportunity, and it would be a mistake to miss the train:

“The question you have to ask yourselves is, ‘Now that crypto is down here, is it appropriate to be bullish or bearish?’ And I just want to absolutely point out it is a mistake to be bearish when you’re already down. This is like looking at stocks in December 2008 and deciding you wanted to become secularly bearish, even though the bear market was ending.”

“So I think the bear market has largely run its course in crypto, and it’s been healthy. It’s been resetting capital. It’s resetting investor expectations. But most importantly, the only time you can really make money in a big way is to buy when investors aren’t buying. That’s the real opportunity."

Read in full https://ethereumworldnews.com/tom-lee-mistake-bearish-when-youre-down/

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[pooya87]

you can't call him a bag holder unless you think bitcoin is never going to rise and only if you think bitcoin is going to continue to fall forever and never recover. would you call him a bag holder still when bitcoin reaches $100k? $1 million?
generally a bag holder is referred to someone holding bags of worthless shit that will continue losing value. like altcoin bag holders.

“The question you have to ask yourselves is, ‘Now that crypto is down here, is it appropriate to be bullish or bearish?’ And I just want to absolutely point out it is a mistake to be bearish when you’re already down. This is like looking at stocks in December 2008 and deciding you wanted to become secularly bearish, even though the bear market was ending.”

“So I think the bear market has largely run its course in crypto, and it’s been healthy. It’s been resetting capital. It’s resetting investor expectations. But most importantly, the only time you can really make money in a big way is to buy when investors aren’t buying. That’s the real opportunity.

i like these two quotes because that is what i have always said. there is a time for everything. you can't remain on the same trend forever. just like you couldn't remain on the bullrun and expect the price to continue going further up when it stopped at $20k. now you can't expect the price to continue going down.
although in both cases there is always a possibility that it does continue for a while longer but would you take that risk?

[vit05]

This picture is a joke? Because it is from the actor Tommy Lee Jones, not the investor Tom Lee. They're completely different people lol.

https://www.imdb.com/name/nm0498374/ Tommy Lee
https://twitter.com/fundstrat?lang=en       Thomas Lee

On the issue of price. The market today is vastly larger them from years ago. There are several companies and people who have decided to dedicate themselves entirely to cryptocurrencies. Eventually new business and opportunities will arise. I would say that by the end of the year we will have news saying that there are more countries with exchange than with McDonalds.

And so you could practically buy and sell Bitcoin with fiat in almost any country of the world.

[Getcoinsite]

This picture is a joke? Because it is from the actor Tommy Lee Jones, not the investor Tom Lee. They're completely different people lol.

https://www.imdb.com/name/nm0498374/ Tommy Lee
https://twitter.com/fundstrat?lang=en       Thomas Lee

On the issue of price. The market today is vastly larger them from years ago. There are several companies and people who have decided to dedicate themselves entirely to cryptocurrencies. Eventually new business and opportunities will arise. I would say that by the end of the year we will have news saying that there are more countries with exchange than with McDonalds.

And so you could practically buy and sell Bitcoin with fiat in almost any country of the world.

Is that the image of Tommy lee jones now?The actor from the movie men in black with Will smith?god he looks like ridiculous now lol

But it made me laugh 😆 knowing that the photo is different from what OPs pointing out,I don’t know if OP kade proper research about this topic..

Just now that I recognize him lol

But this is another good news to crypto community and may return the investors back to trusting the market again and may help the value grow to bring profit us.so keep the faith guys and hold on for future

[Kemarit]

LOL. Are you serious dude? That's not Tom Lee of Fundstrat, rather Tommy Lee Jones the Hollywood Actor. I don't know if you are trolling us, but it made my day. 

[butka]

This picture is a joke? Because it is from the actor Tommy Lee Jones, not the investor Tom Lee.

For a brief moment I was thrilled to see the picture of Tommy Lee Jones. He is one of my favorite actors. Him being involved in Bitcoin in any way would be very cool. (Who knows maybe he is secretly involved after all.)

Then I checked the linked post and, to my disappointment, I found out that the OP was talking about Thomas Lee. I don't know what to think of this guy, but his prediction of $14 trillion increase in market cap by 2020 just from US Millennials allocating a part of their profits in crypto is not impossible.

[figmentofmyass]

i'm happy to see him becoming more reserved and backing off his ATH calls. that's what we need to turn this market around: bulls becoming bears. he's absolutely right that investor expectations needed to be reset.

but has sentiment really been reset, yet? too early to call IMO. in hindsight, this $6000 zone definitely might be seen as an accumulation zone. i've seen many price structures like this that resolved bullishly. but even if it turns out that way, i think it'll be several months more before we really start rising.

lol @ the tommy lee jones pic......

[bobo012]

Even if he is a bagholder, he is one that still believes in the value of bitcoin, same as me. Bagholders made large sums of money, hodling from last bearmarket into bull market of 2017. It will happen again

[1Referee]

Tom Lee has done enough to lose most of the credits that were appointed to him months and months ago.

People should stop giving these people attention, because that's what they are after at the end of the day. Bitcoin is all about being responsible for your own actions and money, so what's the point of looking at these public faces and think they know more than you and me? They don't know shit. The louder people trying to 'sell' you any sort of advice are, the more desperate they are.

While everyone is talking about the bear market and how bad the situation for them is, smart/silent money accumulates more coins on the way down. Smart money doesn't need anyone to tell them whether or not it's a good time to buy, they can figure it out themselves.

[tosmartak]

He sure certainly has a lot of point. People tend to blow in the direction of the wind most of the time by selling when the market is down and buying when the market is up. He sure knows the importance and benefit that this space brings and he is certainly looking at the point of an investor in which you take advantage of the dips as buying opportunity rather than selling out of panic. The targets are always the weak hands and in that case, any smart person will not want to be a weak hand.

[bbc.reporter]

you can't call him a bag holder unless you think bitcoin is never going to rise and only if you think bitcoin is going to continue to fall forever and never recover. would you call him a bag holder still when bitcoin reaches $100k? $1 million?
generally a bag holder is referred to someone holding bags of worthless shit that will continue losing value. like altcoin bag holders.

Agreed, but you know what I mean. A bagholder is when a trader is stuck and cannot sell his bags unless he is willing to take a big loss hehe.

@Kemarit. I am not trolling. The news and my comments are serious. But the picture was meant to be funny hehehe.

[Kemarit]

@bbc.reporter - You got me with the Tommy Lee Jones picture. 

I also agree that a good reset is all we needed to be able to go bounce back again. Weak hands are gone, no more FOMO, what's left is whales and speculators. So everyone need to adjust and be flexible at this time. That's why many investors can't really understand what's going on the market because their expectations are wrong. When they thought that the bear market is about to end, suddenly the price crash again. So everything has its time, we just need take advantage of every situation being presented to us whether we are in a bullish or bearish trend.

[STT]

I was just thinking he looks like the actor but didnt he retire and obviously is older then I remember
He won an oscar for the fugitive wow, glad he is still going strong then

Bitcoin is not dead, and the best investment opportunities arise when the picture is not bright

Anyway I do agree this general piece advice and of course its true.  Everyone was jumping like chimpanzees at a tea party end of 2017 even though the price was expensive, higher spreads, costly transaction fees and with some questions over protocol vs competition.   Now prospects are improved, spreads are tighter, many questions answered and solved with incredibly lower transaction costs but people act morose as if its all terrible.   Of course its not, BTC fell back into a similar less popular trend 2014 onwards and yet it accumulated and was actively being used anyway even if the masses think not theres some who need a product like this

[timerland]

I mean, this is a more realistic outlook than most of his previous predictions, which seem to be permanently bullish.

It's probably just a few months ago where he said bitcoin would turn to bullishness before the end of the year or something like that. Based on all of these obviously baseless and sensationalist predictions, I've pretty much stopped looking at any articles relating him speculating on bitcoin price at all.

Anyhow, he's right on this one, though. Prices are close to the bottom at the moment and they are extremely cheap compared to the peak of the bull market of last year. To me, this is an excellent buying opportunity only if you are willing to hold onto the coins for the long term, as a bull market may not be coming any time soon in the short term.

[bbc.reporter]

@timerland. But $20k - $25k is only 3x - 4x away from bitcoin's price today and if you take its volatility during time of excitement into consideration, Tommy Lee's prediction might still be possible. If the bulls come back on middle of November, I speculate that it might still also be possible.

[cellard]

Someone that bought at the peak of the 2013 MTGox bubble before it burst, was seen as the biggest idiot on planet earth, the biggest bagholder. When you searched "bagholder" in investopedia, the face of the guys that bought at $1300 in late 2013 would show up.

Of course, needless to say now these bagholders are envied by these that were calling bitcoin dead all across that time range of low prices. They can only dream to buy Bitcoin below $3000 again, let alone $1300.

Long story short: hodl.

[pooya87]

Someone that bought at the peak of the 2013 MTGox bubble before it burst, was seen as the biggest idiot on planet earth, the biggest bagholder. When you searched "bagholder" in investopedia, the face of the guys that bought at $1300 in late 2013 would show up.

Of course, needless to say now these bagholders are envied by these that were calling bitcoin dead all across that time range of low prices. They can only dream to buy Bitcoin below $3000 again, let alone $1300.

Long story short: hodl.

well this is debatable though. there is a lot of things to consider before branding someone as a bag holder.
first and most obvious one is the strategy. for example if it is a trading strategy then obviously that person is going to be a bag holder if they bought at the peak and held it. since as a trader you want to remain active to make profit not buy and hold. but if the strategy is an investment then the question is what does their analysis say about the future of bitcoin in the long run.

another thing that comes to mind is why did they buy at the peak? i would categorize people who bought at an ATH into two groups. the first one which are not bag holders are those who have been buying bitcoin ever now and then (like once per month) with extra money they have. they didn't wait for ATH to buy! but there is another group which are bag holder and they are those who knew about bitcoin, could buy it but never did until it became too late and then they acted out of FOMO and bought the ATH. these are obvious newbie bag holders.

[STT]

In trading terms that person who buys at the peak should take the step to cut losses while price descends and then buy while price is going through a more flat trajectory.   The flat area which no doubt fails many times to regain the uptrend does eventually rise.
Just selling and rebuying like that does help to reduce alot of the loss quite often.  However its true that human nature would have the person selling and never again gaining the confidence to rebuy or they sell and use the money to buy a luxury good they didnt need instead of speculating in crypto.   Some people cant help but use up any cash they have, depends hence the hodl idea which takes far longer to work but can I agree be the best course for some

[Kevin77]

As far as he is not claiming to be a bag holder and still believes in what he is holding, then classifying him as a bag holder because the market is down and he is still holding so much of bitcoin makes no sense. He made very solid point in his statement and he sure looks like someone who is more focused on the long term than trying to dwell so much on the short term. I really love the quote where he said;

"The question you have to ask yourselves is, ‘Now that crypto is down here, is it appropriate to be bullish or bearish?’ And I just want to absolutely point out it is a mistake to be bearish when you’re already down. This is like looking at stocks in December 2008 and deciding you wanted to become secular bearish, even though the bear market was ending.”

Unfortunately, the gullible ones who are the main target of the whales tend not to ask themselves those questions and they make horrible investment decisions as a result of that.

[YuginKadoya]

Well, I have Never known Tom Lee before until I had researched about him that he is a well-known expect analyst regarding the movement of Cryptocurrency But let's not be harsh with the way OP mixed him with Tommy Lee Jones, His just human and not perfect just like us, And regarding the mandatory movement of bitcoin right now we should consider that we are still in the midst of a bearish market and I never really expecting any bullish run so far in this year, But there is a chance that we can rather see it the next more years to come.