Tom Lee points to the stock market’s steep drawdowns, despite strong progress in recent times, as a sign that Bitcoin could still see 50% declines in the future.
Bitcoin has not escaped its volatile nature and could still lose as much as half of its value under certain circumstances, BitMine chair Tom Lee warned.
“I’m sure there will be 50% drawdowns,” Lee said during an interview published on Thursday with crypto entrepreneur Anthony Pompliano.
There has been an increasing number of market participants in recent times who have argued that Bitcoin won’t be as volatile anymore, as spot Bitcoin ETFs and institutional interest bring greater stability to the market.