Wall Street’s Tom Lee is Bullish on Blockchain For Finance and Gaming
At the ChainXchange blockchain convention in Las Vegas, Lee gave his insights into his observation of the space.
“It’s been a tough market for crypto this year. I think it’s wrong to be bearish right now because crypto fundamentals haven’t been bearish. A typical bear market has to do with a collapse of demand… demand in crypto has actually held up pretty well. What we’re seeing is a real price recalibration. If you have positive fundamental developments like Bakkt, a potential ETF, and potential legislative changes both in the US and in Asia, I think it means that crypto has a chance to really have an explosive move that catches up to the fundamental improvements,” said Lee.
When asked about particular niches in the blockchain arena that should grab more attention, Lee replied,
“Where cryptocurrencies and blockchain make a lot of sense are for companies that deal with multiple countries and jurisdictions and currencies. To me, that’s a very obvious place where blockchain is working well.” Adding, “The second [instance]is where existing centralized entities have not proven to be trustworthy, where trust is eroding. I think that’s happening in financial systems. So to me, a lot of the businesses that existing financial companies are in are the ones that blockchain can naturally replace.”
Lee even gave his opinions on gaming on the blockchain.
“One, when Facebook had its token system – which, of course, was not blockchain – it was because it was easier to charge prices in a uniform unit than in multiple currencies. In the world of gaming, there’s easily a lot of reasons to see crypto take off. Whether it’s to take your profile between games or using it within a game, or even e-sports is an area where there can be growth,” said Lee, before coming back to the big picture. “I think people should be long-term greedy. Focus on the reasons they are getting involved with projects and why they are really interested in digital assets in the first place.”