Fundstrat’s Tom Lee Denies Crypto Media News Outlet CCN’s Report, Calls It Fake News
Fundstrat's Tom Lee Denies CCN's Report, Calls It Fake News
Fundstrat's Managing Partner and Head of Research, Tom Lee, recently commented on an article published by CCN, calling it fake news. The article was written by Yashu Gola, and it is based strongly on a report published by Bloomberg. However, Gola's piece got several things wrong, including the company's goals, misquotes of the source material, false reports regarding the medium of communication between Bloomberg and Robert Sluymer, as well as false claims that he is talking on behalf of the company.
Fake news. This is not what our firm said https://t.co/KvwlpwvIHs
— Thomas Lee (@fundstrat) February 8, 2019
The False Reports
One of the big issues with the Gola's report includes claims that Fundstrat has a price target for Bitcoin in Q1 2019. According to the article, the price is $2,270, which is something that Lee denied. This is something that Fundstrat stopped doing back in December 2018. While this information was mentioned in Bloomberg's article — written by Joanna Ossinger — the original report did not cite the price target, but Robert Sluymer's earlier statement that $2,270 is an implied decline if BTC was to drop below $3,100.
Sluymer, who is a Managing and Technical Director at Fundstrat, also did not mention a time frame when the decline might be expected.
Another thing that Gola's article got wrong was the method of communication between Bloomberg and Sluymer. Gola assumed that the method of communication was an email, while Ossinger states that the information came from a note. Bloomberg's entire article does not mention the word 'email,' while Gola writes that: “The bullish-turned-bearish market research firm said in an email to Bloomberg that bitcoin could now fall below its current-bottom level near $3,100.”
Another issue, which is more troubling, is the fact that Gola misquoted the source material. The CCN version of Ossinger's report lacks punctuations, which may result in changing the meaning of the quotes.
However, Bloomberg's article also made an error in its very title which indicates that Sluymer's statements are made by Fundstrat. The article was corrected afterward, pointing out that the statement was not made by a firm but by Sluymer. However, in CCN's report, this mistake is being treated as a fact, and it continues to exist as fake news.
The comments made in Bloomberg's piece are Sluymer's alone, and they should not be taken as the official stance of the company. While Gola's piece contains a number of errors of this type, it seems likely that these are simply mistakes and not attempts at purposeful fake reporting. However, the reported information still sends out a wrong impression about the company and its officials, making it clear why Lee felt the need to point out that the claims are wrong.