Looking through the lens of stock investing, a Wall Street analyst says bitcoin is an attractive buy while it remains under pressure here.
“The mood in crypto is terrible right now,” Thomas Lee, head of research at Fundstrat Global Advisor told CNBC. “Long-time holders are worried because they have big gains and they’re worried about falling prices. But bitcoin is a great store value. It works really well. It’s kind of boring, because it’s not the latest and most exciting project. But it also is one of the most liquid ways to get exposure to crypto,” he said on “Fast Money” Wednesday.
If an investor didn’t hold stocks through the 10 best days for the S&P 500 each year, the annualized return would drop to 5.4 percent from 9.2 percent, Lee wrote in a Wednesday report.