牛市未終結！Tom Lee：2026 年恐現「熊市級回調」，反而是布局良機

Editor & Compilation: Deep Tide TechFlow

Key Summary Tom Lee is the co-founder and head of research at Fundstrat Global Advisors, chairman of Ethereum asset management firm Bitmine Immersion, and also the chief investment officer of Fundstrat Capital, which manages the rapidly growing Granny Shots ETF series (currently with assets under management of $4.7 billion).
In this episode, Tom shares his market outlook. He believes that the decade-long bull market starting in 2022 is still in its early stages, despite experiencing a severe market correction this year that may feel like a bear market. Stock markets are expected to rebound strongly by 2026. He points out that investors this year need to face three major changes: new Federal Reserve policies, a more interventionist White House, and the ongoing re-pricing of the AI (Artificial Intelligence) boom. Meanwhile, he states that although he remains optimistic about the “Big Seven” U.S. tech giants, cyclical industries, energy, basic materials, financials, and small caps may become more attractive investment opportunities.
The program also explores topics such as gold, cryptocurrencies, and demographic trends. Tom believes gold is currently undervalued and reveals that Tether may be one of the largest private gold buyers at this stage. Additionally, he notes that Millennials are re-evaluating gold’s value, while younger generations are more inclined toward cryptocurrencies. He states that Bitcoin remains “digital gold,” and Ethereum is his most favored cryptocurrency. He analyzes how last October’s de-leveraging event caused cryptocurrencies to diverge from gold’s price trajectory, and forecasts that as banks and asset managers accelerate blockchain adoption, Bitcoin and Ethereum will see significant gains.
Furthermore, Tom discusses Bitmine’s $200 million investment in MrBeast’s Beast Industries. He considers MrBeast one of the most influential media assets of this generation and suggests that financial education and Ethereum could become core components of future products, reaching billions of users worldwide.
Highlights of Key Perspectives

• Bitcoin will hit a new high of $250,000 this year.
• Tether has become the largest private gold buyer.
• The current correction may be around 10%, but even a 10% pullback can feel like a bear market.
• Every market correction is a good buying opportunity.
• This year’s most favored sectors are energy and basic materials.
• Banks have begun to accept the efficiency gains brought by blockchain.
• Silver and copper may perform well this year. Copper, as an industrial metal, is closely linked to the ISM index. If copper prices rise, it could boost the performance of basic materials stocks.
• Looking ahead to 2026, it will be a continuation of the bull market that started in 2022.
• There are several key shifts in the market: the new leadership of the Federal Reserve, the White House’s policy direction, and the market’s ongoing assessment of AI’s value. These combined could lead to a “bear-market-like” correction.
• Last year, investors overreacted to escalating tariffs and uncertainties; this year, market reactions are expected to be more rational, with reaction amplitudes halved.
• Fed rate cuts can actually ease economic pressures on many Americans.
• If the Fed chair changes or there are several rate cuts this year, it will be positive for stocks.
• In the short term, oil prices may be weak or volatile, but developments in data centers and shifts to alternative energy sources will drive future oil prices higher, making energy stocks attractive.
• Bitcoin is digital gold, but the groups that believe in this theory are not the same as those holding physical gold.
• Cryptocurrency adoption curves are still higher than gold’s, because more people own gold than cryptocurrencies.
• My most important advice to investors is not to try to time the market; those who make money are long-term investors.
• Cryptocurrencies are being embraced by the younger generation — they have become part of their lives.