Tom Lee says the next 12 months will be “really bullish” for crypto. The Wall Street strategist has reason to hope he is right, because the company he chairs sits about $5 billion underwater.

Lee runs research at Fundstrat Global Advisors and chairs BitMine Immersion Technologies, which holds 5.93 million ether.

The Worst is Over for Crypto Markets?

His first argument is that the pain already happened. On October 10 last year, a threat of 100% tariffs on China set off the largest liquidation crypto has seen. More than $19 billion in leveraged bets vanished in a day.

The borrowed money went with it, Lee…