Fundstrat’s Tom Lee said crypto was “more relevant today given the rapidly increasing capabilities of AI and robotics,” backing up a new BlackRock (BLK) report that reaffirmed the asset manager’s bullish long-term case for Bitcoin (BTC) despite a roughly 50% drawdown from its all-time high.

Lee, who heads research at Fundstrat Global Advisors along with serving as the Chairman at Bitmine Immersion Technologies (BMNR), said in a post on X on Tuesday that he agreed with BlackRock’s view and anticipated “growing use cases” for crypto. He also said Ethereum (ETH) would be “the most important L1,” referring to layer-1 blockchains, the base networks on which decentralized applications are built.

Why Bitcoin Is Down:…