Energy Won Gold, ETH and BTC Took Silver and Bronze: Tom Lee's Wartime Asset Medals

Tom Lee, founder and chief strategist of Fundstrat Global Advisors, swung by CNBC's "Squawk Box" to unpack how the Middle East conflict has been sending asset prices on a rollercoaster. Spoiler: crypto didn't panic-sell into the void like your uncle's portfolio in 2018. Digital assets held their ground while the rest of the market played emotional checkers.

According to Lee's data, crypto has been the equivalent of a fortified basement since the war started. Energy stocks took the gold medal like a petrostate at a price-gouging convention, but Ethereum snagged silver and Bitcoin claimed bronze. Not only did both digital assets pump in absolute terms, but they also left traditional equity markets crying in the corner like a bagholder who bought the top.

When the CNBC hosts started sweating about "war-induced inflation," Lee hit them with a cold take: it's more of an inflation shock than a permanent feature. His thesis? Oil price volatility gets offset by the massive economic stimulus that comes from, well, war spending. Translation: crypto stays vibing as a solid alternative for investors who don't want to touch traditional markets with a ten-foot pole.

As for the March turbulence that had everyone stress-eating, Lee thinks the worst has likely already hit the fan. He sees the war's trajectory and central bank policy as the main market drivers going forward. And if peace actually happens? Markets might see an "explosive" recovery—possibly the only thing in this geopolitical mess that actually goes according to plan.

*This is not investment advice.