Bitmain Chairman: "Pessimism in the Cryptocurrency Market Is Excessive... Rather a Buying Opportunity"
Summary
- Tom Lee, chairman of Bitmain, said recent pessimism in the cryptocurrency market is excessive and is, rather, a buying opportunity.
- He cited the AAII survey and said that because investor sentiment is extremely negative, it is a positive signal from a contrarian investment perspective.
- Bitmain has maintained a large-scale buying strategy following the Ethereum (ETH) crash and reportedly bought an additional 72,898 ETH recently.
Tom Lee, chairman of Bitmain, said that excessive pessimism has continued in the cryptocurrency market.
On the 18th (local time), according to Odaily, Lee assessed that "the current cryptocurrency market is extremely cautious due to tensions between the U.S. and China, recent large-scale debt adjustments, concerns about the 'cockroach effect' of private credit, and historically high October volatility."
However, he said, "According to the American Association of Individual Investors (AAII) survey, investor sentiment has turned extremely negative, which is a positive signal from a contrarian investment perspective," adding that "only 22% of current fund managers have outperformed their benchmarks," suggesting upside potential.
He also added that "Bitmain is still maintaining a 'buy the dip (BTFD)' strategy." In fact, Bitmain purchased more than 200,000 additional Ethereum after last week's Ethereum (ETH) crash, and was reported to have bought an additional 72,898 ETH today.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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