Hedge fund veteran Tom Lee remains long-term bullish on Bitcoin (BTC) and expects the crypto industry to come out of its bear market stronger than before.

In a new interview on CNBC, the Fundstrat managing partner says while 2022 has been “terrible” for crypto investors with the collapse of FTX, he thinks a new chapter could be emerging.

“Nobody has made money in crypto in 2022, but it’s not that different than 2018. If we look back at that crypto winter when Bitcoin went from $17,000 to something like [$3,200] or so, that was the time that some of the best projects were created. So I think that it’s an important moment for the industry. I think it is cleansing a lot of bad players, and I think it’s important."

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