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The cryptocurrency market had one of the most difficult years since the birth of Bitcoin in 2009. However, it is not too late for a return, according to a venture capitalist Tom Lee.
Bitcoin and Ethereum were the cryptocurrencies of the stars in 2017, but this year has been a different story. The industry lost nearly $ 70 billion in market capitalization this month, according to CoinMarketCap.com. The price of Bitcoin has started to fall from around $ 6500 to a minimum of just over $ 4000 at the time of writing. And while cryptographic markets continue to see red, the millionaire investor Tom Lee keeps his feelings confident. He asks investors to remain patient because he believes that Bitcoin, Ethereum and Ripple (XRP) will soon stage a bull.
In an interview with Cointelegraph at the BlockShow Asia 2018 conference in Singapore, Tom Lee of Fundstradt Global Advisor advised investors to stick to the largest cryptographic assets by market capitalization such as Bitcoin, Ethereum and Ripple (XRP).
"I think people should be patient, but I think one of the most important things we recommend to our customers is that encryption as an investment is actually from 1 to 2% of their allocation, so that the number one, do not worry about this every day, but even 2% can become 50% in a decade, it can grow dramatically.
I think the other thing is to realize that some of the cryptography projects are probably hopeless. But things like Bitcoin and Ethereum or XRP still have power. And these are those where, unless you think the protocol is completely broken, you see the price distortion caused by the sale of panic. "
At the beginning of this year, Lee said that the entry of institutional investors into the encrypted market would be one of the factors that could potentially trigger a bitcoin rise. He has declared:
"I think institutional investors have gained a lot of interest, and have not yet entered into encryption because there is still some regulatory uncertainty, but that sort of definitive allocation in the crypt as an asset class will be a powerful reason why the Bitcoin rallies ".
