Tom Lee Speaks Out on Bitcoin and Ethereum Drop

After a respectable bounce in early May, Bitcoin ($BTC) and Ethereum ($ETH) have spent recent weeks giving those gains back with interest. The Bitcoin price climbed above $82,000 before sliding below $70,000, and a chorus of analysts is now mumbling about further declines.

While the market sweats it out, Bitmine (BMNR) Chairman Tom Lee is staying on message. Speaking on CNBC's Squawk Box, Lee argued the current dip is less a collapse of the crypto bullish thesis and more a case of investors "angrily withdrawing from the market." He framed the sell-off as a classic market bottom — the kind that allegedly always shows up at the tail end of a crypto winter.

Lee positioned Bitcoin and Ethereum as building blocks of the future financial system, particularly as artificial intelligence keeps eating the world. "My bullish thesis for Bitcoin and Ethereum remains absolutely unchanged. $BTC and $ETH truly are the future of money," he said. His advice: stop staring at the daily candle and focus on the longer arc that, in his view, still supports both assets.

The big bull also weighed in on Mark Cuban's recent decision to exit Bitcoin entirely, with Cuban arguing that BTC doesn't hedge inflation the way gold does. Lee conceded the point, then added his own: "I think Mark is right, cryptocurrencies have been disappointing because they're supposed to move with the stock market and rise with software. But software has really surged, while cryptocurrencies haven't moved. So, there are people selling, having what I call an outburst of anger, as if something is going wrong."

*This is not investment advice.