Tom Lee Says Crypto Investors Are 'Rage Quitting' After Mark Cuban Dumped All His Bitcoin

On Ethereum, BMNR chairman Tom Lee said a Wall Street shift to tokenization should send its price "up a lot."

• Tom Lee said on Monday that the current crypto slump fuels ‘rage quitting,”, agreeing that crypto has been “disappointing,” in part.
• Lee stated that the Bitcoin and Ethereum thesis is “absolutely not” broken and called the two “the future of money.”
• He said that his valuation of cryptocurrencies depended on the network usage and performance in comparison to gold.

Fundstrat’s Tom Lee said on Monday that the recent slump in crypto has triggered “rage quitting” among investors in response to Mark Cuban’s reported decision to sell off his Bitcoin (BTC) holdings.

Bitmine Immersion Technologies (BMNR) Chairman Lee, speaking on CNBC’s SquawkBox, partly agreed when asked about Cuban, who sold all his Bitcoin on the argument that it had failed to act as an inflation hedge and that gold had proven the better bet. 

“I think Mark is right, crypto has been disappointing, because crypto should move with, you know, equity markets, and it should be rallying with software,” Lee said. “Software has really started to rally big, and crypto hasn't moved. So, I think there are what I call quote rage quitting people selling here as if something is wrong.”